Safaricom Kenya Introduces a Discounted Fuliza Tariff Aimed at Reducing the Cost of Credit

Safaricom, in partnership with NCBA and Kenya Commercial Bank (KCB), has created a new discounted Fuliza Tariff that aims to reduce the cost of credit and increase financial inclusion in the country.

Safaricom CEO Peter Ndegwa

In a joint press statement at the Norfolk Hotel, which was attended by President William Ruto, the partners have reduced Fuliza rates at a discounted tariff of up to 40%.

However, this new tariff favors low-scale consumers who borrow below 1,000 shillings.

In their statement, Safaricom reported that the daily maintenance fee for amounts less than KES 1,000 has been reduced by 40%. Amounts borrowed between KES 1,001 and KES 1,500 will attract reduced daily maintenance fee by 10% while the charges for amounts between KES 1,501-2,500 will reduce by 20%.

Furthermore, consumers who are borrowing Fuliza amounts of KES 2,500-70,000 will be charged 16.7% less than the previous tariff.

Customers who borrow drawdown amounts below KES 1,000 will enjoy a waiver on maintenance fee for the first three days. However, has retained the 1% access fee on all borrowings.

The discounted Fuliza tariff will commence from 1st October and will benefit registered Fuliza customers who have a positive limit and no outstanding balance.

The new tariffs applies when a person has completed their outstanding debt.

Speaking during the press conference, NCBA bank Managing Director John Gachora said that Fuliza has benefited over 28 million customers since it was launched.

The new Fuliza tariff is consistent with President Ruto’s commitment to reduce cost of credit in Kenya, and helps more people to access credit at an affordable rate.

Safaricom CEO Peter Ndegwa said, “I would like to recognize H.E William Ruto, whose government support has made it possible and has inspired us to reduce our Fuliza rates as part of the commitment to provide Kenyans with sustainable and affordable credit.”

Speaking during the launch, President Ruto said that the decision made by the three partners will help small and medium sized enterprises to access mobile loans and keep their businesses afloat.

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