UPDATE: Safaricom Issues A New Directive on Fuliza Discounts
According to an announcement made by Safaricom on September 28, a discount of up to 40 percent on daily services will now be charged on overdraft loan services, Fuliza, starting Saturday, October 1.
Safaricom announced that customers who drawdown between Ksh100-500 will be charged a three percent daily maintenance fee, down from the current five.
Daily charges on loans of up to Sh1000 will be reduced from Sh10 to Sh6, but the 1% access fee on all borrowings will remain.
"Further, customers that drawdown Ksh1000 and below shall enjoy a waiver on the daily maintenance fees for the first three days," part of the statement read.
Customers who have opted in for Fuliza and have a positive limit with no outstanding balance will benefit from the new tariff. Tariffs do not apply to those who have unpaid debts.
"You will pay the current daily maintenance fees on your outstanding balance. The new discounted price will take place after you clear your balance," the company stated.
Safaricom CEO, Peter Ndegwa. PHOTO FILE
The telco and its partner banks, KCB and NCBA, are set to announce price cuts that will see loans under Sh500 attract Sh3 daily charges instead of Sh5.
The upper price range of Sh2500 to Sh70,000 has been reduced by 16.7 percent from Sh30 to Sh25 per day.
On January 5, 2019, the Fuliza overdraft facility was launched in collaboration with Commercial Bank of Africa (now merged into NCBA) and KCB Group.