Fuliza charges set to drop in the face of a new competitor
Safaricom, NCBA and KCB Bosses held a joint press conference at Norfolk on 28th September 2022 to announce the trio’s intent to lower Fuliza charges by up to 40 percent.
The lowering of charges has been triggered by the entrant of a possible competitor called Faraja that would allow its customers to purchase goods up to Sh100,000 at zero-interest and pay later. Safaricom, EDOMx, a Fintech company located in Kenya, and Equity Bank will offer this new service.
A daily fee of Sh3, down from Sh5, will apply to any overdraft between Sh101 to Sh500.
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Daily fees for Fuliza overdrafts of Sh501 up to Sh1,000 would reduce by 40 percent from Sh10 to Sh6, although the corporation will still levy a 1% access fee for all borrowings.
There will also be a three-day waiver on daily fees for overdrafts of less than Sh1,000.
A 16.7% price reduction from Sh30 to Sh25 per day has been applied to the upper band of overdrafts ranging between Sh2500 and Sh70,000.
The new tariffs take effect on 1 October 2022.
Kenyans “Fuliza” around Sh1.5 billion daily.
In the six months leading up to June of this year, overdraft borrowings from Safaricom increased by 30.7 percent to Sh288 billion from Sh220.38 billion in the same period last year.
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