Safaricom, in partnership with NCBA and KCB, has announced new discounted tariffs on overdraft service Fuliza, with effect from 1st October 2022.
Fuliza customers borrowing between $0.83 – 8.28 (Kshs 100- Kshs 1,000) are set to enjoy a 40 per cent discount on daily maintenance fees and a three-day grace period starting 1 October.
Daily maintenance charges on loans up to $8.28 have been slashed from $0.083 (Kshs 10) to $0.050 (Kshs 6). Safaricom and partner banks KCB and NCBA have retained the 1 per cent access fee on all borrowings.
For customers drawing below $0.83, there are no maintenance fees. Those seeking an overdraft of between $0.84 – 4.14 (Kshs 101- Kshs 500) will now pay a fee of 0.025 (Kshs 3) down from $0.041 (Kshs 5). Those who intend to draw between $4.15 – 8.28 (Kshs 501- Kshs 1,000) will pay 0.050 (Kshs 6).
Users withdrawing $20.71- 579.90 (Kshs 2,500- Kshs 70,000) will now enjoy a 16.7 per cent discount and pay a daily charge of $ 0.21(Kshs 25).
Notably, customers with existing Fuliza loans will continue servicing them using the old tariffs. They will enjoy the reduced charges after they fully settled their debts.