Safaricom PLC has announced new changes in their overdraft Service, Fuliza.
In a joint statement issued on Wednesday, September 28, 2022, 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.
Fuliza further announced that overdrafts of less than Sh1, 000 will have a three-day waiver on daily fees.
The overdraft capped at Sh70, 000 will see those taking between Sh1, 001 to Sh1,500 Sh2 less in the daily charges down from Sh20. This will be a 10 percent discount.
Sh1, 501 to Sh2, 500 will have users pay Sh20 in daily fees, down from Sh25, representing a 20 percent discount.
Users who will overdraft Sh2, 501 to Sh70, 000 will also have a 16.7 percent discount. This will see users have a daily fee of Sh25 down from the initial Sh30.