Safaricom has announced a 40% discount on daily fees for overdraft loan services -Fuliza, starting Saturday, October 1.
In an announcement on Wednesday, Safaricom, NCBA and KCB banks announced the reduction, which according to the company is a move that will help the overdraft services’ use growth.
“We have continued to assess the evolution of consumer behaviour and economic conditions to identify ways in which we can further enhance the utility of our digital financial services,” Fuliza said in a statement.
“Towards this end, we are introducing a new discounted tariff of up to 40% on Fuliza.”
According to Safaricom, customers who drawdown between Ksh100-500 will be charged a daily fee of Sh3, down from Sh5, while those who take up an overdraft of between Ksh501 – 1,000 will now be charged a daily fee of Sh6 down from Sh10.
They will also enjoy a special waiver.
“Further, customers that drawdown Ksh1000 and below shall enjoy a waiver on the daily maintenance fees for the first three days,” added the statement in part.
In addition, the daily charges for those taking loans of between Ksh1,001 – Ksh1,500, Ksh1,501 – Ksh2,000 and Ksh2,501 – Ksh70,000 have been revised downwards by 10, 20, and 16.7 percent respectively.
The new tariff takes effect on October 1, 2022.
