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‘Broke’ Sonko take two fuliza loans in less than three weeks

November 11th, 2022 2 min read

Former Nairobi Governor Mike Sonko has again announced that he is not doing well financially.

This comes after he posted a video of himself getting a haircut and captioned, “Leo nanyolewa kwa kinyozi ya 300/=. Nitafuliza tu sai. (Today, I am being shaved in a barber shop that charges Sh300. I will just Fuliza.”

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Last month, Mombasa youth compelled the flamboyant politician to borrow Sh22,0000 from a mobile platform to buy them lunch.

Sonko insisted that he was broke, but the youth asked him to share whatever he had. “I’m broke to be honest. Just stay put, you will see me Fuliza. You are 108 people. See, nimefuliza Sh22,000,” he said.

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Fuliza is one of the mobile platforms that offer online credit to its customers, payable with interest. It enables one to complete their M-PESA transactions even when they have insufficient funds in their M-PESA account.

These funds can be accessed multiple times as long as one is within their Fuliza limit. The overdraft service is refreshed upwards or downwards every time one opts out.

However, a customer is charged a one-off 1% access fee, and a daily maintenance fee is applied the next day at midnight or 00.00 hrs.

Additionally,  a Fuliza customer is charged a 20% excise duty on the access fee. That means a customer who uses Fuliza and repays before the next day at 00.00hrs will only pay the access fee and maintenance on the outstanding amount.

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According to the Safaricom website, Sonko paid a 20 percent excise duty of Sh6 per day and a daily charge of Sh36 for the Sh22,000 loan he took, and this was also in consideration of whether he paid on time or not.

Sonko is a popular businessman with a significant social media presence who owns several entertainment joints in Nairobi and Mombasa and has also been renowned for his philanthropic nature.

Recently, President William Ruto asked mobile lenders to lower interest on loans to enable Kenyans to borrow and do business.

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