Nairobi, Kenya, Sept 28 – Safaricom has announced a new discounted tariff of up to 40 per cent on Fuliza loans below Sh1000.
The revised charges, according to the Mobile Network Operator, will take effect on October 1, 2022.
Fuliza enables MPESA users to complete transactions when they have insufficient funds in their M-PESA account.
Customers who take out an overdraft of Sh 101 to Sh 500 or a loan of Sh 501 to Sh 1,000 will now be charged 6 per cent each day, according to a statement made on Wednesday.
This means that daily costs on loans of up to Sh1000 would be reduced from Sh10 to Sh6, while overdrafts of less than Sh500 will now cost Sh 3 instead of Sh 5.
Customers with overdrafts ranging from Sh 1001 to Sh 150O will receive a 10 per cent discount, while those borrowing between Sh 1,501 and Sh 2,500 will enjoy a 20 per cent discount.
Fuliza subscribers who borrow between Sh 2,501 to Sh 70,000 will receive discounts 16.7 per cent on daily maintenance fees.
In the new announcement, Safaricom customers will also get a three-day grace period before having to begin repaying their loans.
Fuliza overdraft facility was launched on January 5, 2019, in partnership with Commercial Bank of Africa
Fuliza is available to all M-PESA customers, but the awarding of limits will depend on one’s creditworthiness and how long they have been using M-PESA.
To repay one’s Fuliza the customer deposits cash to their M-PESA or receive M-PESA and their Fuliza balance will be deducted automatically.
One need to be an M-PESA registered customers with an active Safaricom line to register and access the Fuliza services.
About The Author
