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Thursday, September 16, 2021

Good tidings for Safaricom customers as Fuliza charges go down

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Safaricom is set to lower customer charges on Fuliza and MSHWARI loans a view to accruing more benefits to customers.

In an interview with Business Daily,acting CEO Michael Joseph said that safaricom was determined to increasing more services like investing in wealth management and buying insurance which will be a positive move in making it easier in operating businesses using Mpesa.

He also stated that the focus of Mpesa was not only on lending and was not pleased with digital lending which seems to invade Kenya’s credit market.

As of now Mshwari charges a facilitation fee of 7.5% on credit which when annually calculated is a rate of 395 percent with other digital lenders charging interest rates up to 520 percent.

As of fuliza it charges a monthly charge of 31 percent and when annualized the fee comes to 372 percent which is above the maximum regulated annual interest.

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