Safaricom Slashes Fuliza Loans Fee By 40% To Increase Borrowing

Kenya’s leading communications company Safaricom has slashed daily charges for loans below Kshs. 1,000 by 40 percent and introduced a three-day grace period.

On Wednesday, Safaricom and its partners NCBA and KCB banks announced the price cuts, which according to the companies will attract many Kenyans to borrow from Fuliza.

The new price cuts will see borrowers between Sh101 to Sh500 being charged a daily fee of Sh3, down from Kshs. 5.

Any loan between kshs. 501 to Kshs. 1,000 will now attract a daily fee of Kshs. 6, down from Kshs. 10.

Fuliza further announced that overdrafts of less than Sh1,000 will have a three-day waiver on daily fees.

The new fee will be effected on October 1, 2022, and will be open to all Fuliza customers without any outstanding balance.

Fuliza overdraft facility was launched on January 5, 2019, in partnership with Commercial Bank of Africa (now merged into NCBA) and KCB Group. The small credit facility has emerged as a leading mobile loan, disbursing Sh1.5 billion daily.