Safaricom reduce interest on Fuliza loans
Safaricom and its partner lenders have announced discounted tariffs of up to 40% percent on Fuliza loans of below Sh1000.
The giant telecommunication firm announced on Wednesday the revised charges will take effect on October 1, 2022.
Thus, customers who take out of Sh101 to Sh500 and loans between Sh501 to Sh1,000 will be charged 6% interest a day.
Consequently, loans of up to Sh1000 would be reduced from Sh10 to Sh6, while overdrafts of less than Sh500 will now cost three shillings(3) instead of five shillings (sh5)
Customers with overdrafts ranging from Sh1001 to Sh150O will receive a 10% discount, while those borrowing between Sh1,501 and Sh2,500 will enjoy a 20% discount.
Fuliza subscribers who borrow between Sh2,501 to Sh70,000 will receive discounts 16.7% on daily maintenance fees.
Fuliza enables MPESA users to complete transactions when they have insufficient funds in their M-PESA account.
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 the Commercial Bank of Africa