What do you mean with the term “one-off interest rate of 7.5 percent ” can you put in a layman’s term in order we understand they can be tricking as with such terms.
it’s actually a one-off fee. Not interest. A fee does not have the time-value effect which could lead to penalty interest for late payment.
It does not matter what you call it. Its still the cost of money which translates to 90% PA. This is shy-locking at its worst. Government should not allow this to happen. NEVER!
The fact is this is worse than shy-locking. 7.5% interest for a loan extended for 1 month translates to 90% per annum. This is daylight robbery and should not be allowed. Safaricom is stealing from the poor. They have masked the real intention of stealing money from the poor by saying that they are trying to tap in the unbanked money which is hidden in pillows.
Also, is Safaricom a bank to take in deposits? Where are banks here? Why aren’t they protesting this move???
Good job Bob,
Just one thing I would like to know on exit strategy, is getting out going to be as easy as the way I got in or will it be twisted where by I will have to wait several months for refund?
do i need to wait for six months from today to be legible to get the loan? my line has been active since 2007.
It is a good intention to loan customers, but one month repayment period is not practical
Mnamaanisha kuanzia leo ni mpaka MIEZI SITA ndio nipate mkopo?Hio si poa bali ni unyanyasaji na utapeli wa hali ya juu!