In September 2022 Safarico set new fees that will be charged on Fuliza service offered by Safaricom. In the new changes, Fuliza clients who borrow below 1000 will not be charged any fee for the first three days.
This means you can now borrow Ksh1000 and you will only be asked to pay the same Ksh1000 within three days.
Further more Safaricom has slashed interest rates on Fuliza loans below Sh1000 by 40 per cent if the loan is repaid after the expiry of three days. Fuliza customers borrowing loans of between Sh101-499 are now charged Sh 3 daily charge down from Sh5. On the other hand users borrowing Ksh1001-1500 pay a fee of Ksh18 instead of Ksh20. This is a 10 per cent discount from Ksh20
Safaricom Fuliza services does not attract interest from customers but rather a service fee.
Below is the daily service charges you will pay on Fuliza loans;
Between Sh101-499 -Sh3 daily fee
Between Sh500-1000 – Sh6 daily fee
Between Sh1001-1500 – Sh18 daily fee
Between Sh1500-2500 – Sh20 daily fee
Between 2500-70,000- Sh25 daily fee
“All customers will enjoy Fuliza free of the daily maintenance fees for transactions below Sh1,000 for the first three days. This affects 80 per cent of the current Fuliza transactions,” said Safaricom CEO Peter Ndegwa.
“The lower Fuliza tariffs will see millions of Kenyans and businesses will benefit from affordable access to credit enabling them to do more with M-Pesa,” said Mr Ndegwa.
Despite the new rates, the telco and its partner banks, KCB and NCBA, have retained the 1 per cent access fee on all borrowings.
On average Kenyans borrow Sh1.3 billion daily from Fuliza
The lower Fuliza tariffs will see millions of Kenyans and businesses will benefit from affordable access to credit enabling them to do more with M-Pesa