Safaricom, NCBA and KCB Bank Kenya have announced a restructuring of the popular Fuliza overdraft facility in a move that will see customers transacting on Fuliza access the overdraft facility at a free daily maintenance fee for the first three days for transactions of KSh. 1,000 and below.
The move benefits more than 80% of M-Pesa customers who seek to complete their payment transactions with Fuliza credit.
Customers that borrow above KES 1,000 will also enjoy 10 – 20% discount on their Daily Maintenance Fee.
The one-off Access fee, levied when customers access Fuliza remains unchanged at 1%, establishing Fuliza as the most accessible and affordable credit facility in the country.
The new discounted rates will be effective on October 1, 2022.
Additionally, Safaricom and its partners have announced their commitment to support government efforts concerning Kenyans who are negatively listed in Credit Reference Bureaus.
To this end, Safaricom and NCBA will execute a credit repair mechanism that will see customers who have defaulted on M-Shwari and Fuliza enlist for a credit repair scheme. This will result in the delisting of over four million digital loan defaulters who are negatively listed on CRBs and restore their ability to access formal, regulated credit.
