Safaricom Introduces New Fuliza Charges
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.