President William Ruto has said that a total of 4 to 5 million Kenyans will be removed from the Credit Reference Bureau (CRB) blacklist by the beginning of November.
The Head of State was speaking during a joint meeting that had brought together Safaricom, NCBA Bank, KCB Bank, and other stakeholders.
“During my campaign, Fuliza was a very popular word and today you have made a very good statement on the same. I am happy knowing that between 4-5M Kenyans will be out of the blacklist by the beginning of November,” Ruto said.
The President went on to note that his government is not against credit listing or CRB facilities
“The government of Kenya is not against credit listing or CRB facilities, in fact, we support CRBs as a mechanism of instilling financial discipline in our financial sector. We do not want credit listing to be an all-or-nothing engagement,” he added.
Ruto further stated that had purposed to attend the Safaricom meeting because he was sent by their customers.
"I was actually planning to have this meeting with you, Safaricom & banking partners. I have been sent by your customers. The people who cannot make it to your offices or the negotiating table. The people want a mutually beneficial relationship, a win-win,” he said.
The presser was to start at 12:30 pm but was delayed due to the changes in attendance.
At the same time, Safaricom, NCBA and KCB said they have reduced their daily charges on overdrafts by 40 percent.
“We have continued to assess the evolution of consumer behavior and economic conditions to identify ways in which we can further enhance the utility of our digital financial services,” Fuliza said in a statement.
Adding that; "Towards this end, we are introducing a new discounted tariff of up to 40% on Fuliza."
In the changes, borrowers between Sh101 to Sh500 will be charged a daily fee of Sh3, down from Sh5.
Any overdraft above Sh501 to Sh1, 000 will attract a daily fee of Sh6 down from Sh10.
The new tariff takes effect on October 1, 2022