New Fuliza Charges As From October 1 2022

Safaricom has introduced that it will reduce the day-to-day servicing charges of its M-PESA overdraft services, Fuliza by up to 40% from the starting of the month.

Fuliza enables M-PESA buyers to finish their M-PESA transactions when they have insufficient cash in their M-PESA account. The company is accessible as numerous instances as attainable furnished that one is inside the Fuliza restrict presented by the provider supplier.

The discounted tariff will just take effect from Oct 1, 2022. All Fuliza clients who have a good restrict and with no exceptional balance will profit from the new tariff. Additionally, prospects that receive financial loans of Ksh. 1,000 and beneath shall get pleasure from a waiver on day by day upkeep expenses for the 1st 3 days.

Fuliza loans of Ksh. 500 and below will appeal to a everyday price of Ksh. 3, down from Ksh. 5. Whilst Fuliza financial loans of among Ksh. 501 Ksh. 1,000 will now be charged a everyday payment of Ksh. 6, down from a prior cost of Ksh. 10. Equally these loan groups have received a 40% price reduction in every day fees.

Nevertheless, Much larger quantities will even now appeal to bigger rates. Fuliza loans involving Ksh. 1,501 to Ksh. 2,500 will be charged a day by day level Ksh. 20, down from Ksh. 25. This is only a 10% transform.

Loans disbursed by Fuliza were being at Ksh. 288 billion in the very first fifty percent of the year. This is up from Ksh. 220.38 billion in the same period last yr and Ksh. 176 billion in 2020. The mortgage provider manufactured record when it acquired about 1 million customers and gave out around Ksh. 1 Billion in financial loans in just 8 times.

New Fuliza fees successful October 1 2022

Element	Tariff Band	Outdated Tariff	New Tariff	% Transform
Entry Charge	All drawdowns	1%	1%	No change.
Each day MaintenanceFee (DMF)	1 – 100	.00	.00
	101 – 500	5.00	3.00	40% lower price
	501 – 1,000	10.00	6.00	40% low cost
	1,001 – 1500	20.00	18.00	10% discounted
	1,501 – 2,500	25.00	20.00	20% lower price
	2,501 – 70,000	30.00	25.00	16.7% lower price