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    Meta sued by former content moderators in Kenya over alleged illegal sacking and blacklisting

    Meta sued by former content moderators in Kenya over alleged illegal sacking and blacklisting

    Amazon to slash 9,000 more jobs amid economic slowdown

    Amazon to slash 9,000 more jobs amid economic slowdown

    Airtel Kenya launches eSIM technology for customers

    Airtel Kenya launches eSIM technology for customers

    Safaricom makes slight change to M-PESA agent withdrawal process

    Safaricom makes slight change to M-PESA agent withdrawal process

    Google announces ChatGPT rival named Bard

    Google announces ChatGPT rival named Bard

    Facebook parent company Meta can be sued in Kenya, court rules

    Facebook parent company Meta can be sued in Kenya, court rules

    Mawingu Networks secures $9 million in funding for rural internet expansion in Kenya

    Mawingu Networks secures $9 million in funding for rural internet expansion in Kenya

    Reed Hastings steps down as Netflix CEO

    Reed Hastings steps down as Netflix CEO

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

  • Laptops
    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

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    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

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    Laptop buying mistakes you should avoid

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    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Oppo Reno 8T 5G launched in Kenya for KES 49,999

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

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    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    All you need to know about the new iPhone 14 lineup

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    How to make and upload YouTube Shorts with ease

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    Samsung’s Freestyle Projector now available to purchase in Kenya

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    Samsung Galaxy Z Flip 3 does over 418,000 folds in test

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    Jumia marks its 10th anniversary, selling motorcycles for Sh10

    Jumia marks its 10th anniversary, selling motorcycles for Sh10

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    Old verification badges to be phased out on April 1 as Twitter Blue debuts globally

    Old verification badges to be phased out on April 1 as Twitter Blue debuts globally

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    WhatsApp introduces new features for a more personal and connected Status experience

    Twitter Blue subscribers can now create longer tweets of up to 4,000 characters

    Twitter Blue subscribers can now create longer tweets of up to 4,000 characters

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    Twitter announces revenue sharing program for Blue verified creators

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Safaricom, NCBA, and KCB restructure Fuliza – all you need to know

Brian Murimi by Brian Murimi
September 28, 2022
in News
Reading Time: 3 mins read
A A
Safaricom, NCBA, and KCB restructure Fuliza – all you need to know

Safaricom CEO Peter Ndegwa speaks at Norfolk Hotel in Nairobi County during a briefing by Safaricom, NCBA Bank and Kenya Commercial Bank.

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Safaricom, NCBA, and KCB Bank Kenya on Wednesday announced a restructure of the popular Fuliza overdraft facility, which will allow clients transacting on Fuliza to access the overdraft facility for free for the first three days for transactions of KSh. 1,000 and below. More than 80% of M-Pesa clients who choose to pay using Fuliza credit will profit from the change.

Customers who borrow more than KES 1,000 will additionally receive a 10 – 20% reduction in their Daily Maintenance Fee.

The one-time access fee levied when consumers access Fuliza stays fixed at 1%, establishing Fuliza as the country’s most accessible and affordable credit facility.

The new discounted rates will be effective on October 1, 2022.

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“In line with our purpose of transforming lives and in the spirit of Tuinuane, we have introduced a free daily maintenance fee period for Fuliza transactions of KSh. 1,000 that repay within the first three days. This simple change will reset the use of the Fuliza service to its intended purpose,” said Peter Ndegwa, CEO – Safaricom.

New Fuliza rates

Furthermore, Safaricom and its partners have stated their intention to support the government in its efforts to assist Kenyans who are negatively listed in Credit Reference Bureaus. To that aim, Safaricom and NCBA will implement a credit repair system in which clients who have defaulted on M-Shwari and Fuliza would be enrolled in a credit rehabilitation scheme. Over four million digital loan defaulters who are negatively listed on CRBs will be delisted, restoring their ability to seek formal, regulated credit.

“This restructure aims to reinforce the original purpose of Fuliza – a short term overdraft facility for 4 to 7 days. From the data that we have, it is clear that the original intent for Fuliza to be a short-term credit facility has evolved. Since the COVID-19 pandemic, many customer M-pesa wallets are now remaining overdrawn for 14-19 days. This was not the intention of Fuliza as it embeds the wrong customer behaviour and increases the cost of credit. This is what we intend to address with this announcement. Additionally, we wish to express our intention to work with our partners and other industry stakeholders to rethink the credit information-sharing framework that underpins CRB to better enable Kenyans, especially the Kenyan enterprenuer to access credit more seamlessly. The specificmechanisms for this for M-Shwari and Fuliza customers shall be announced by 1st November, 2022.” said John Gachora, Group Managing Director, NCBA.

“We are taking additional deliberate steps to provide affordable credit to Kenyans in our contribution to drive up economic activity and recovery. We will anchor this on strong partnerships with various stakeholders while deploying innovative digital capabilities to enhance financial access and inclusion,” said Paul Russo, CEO – KCB Group.

M-PESA is the world’s leading mobile money solution and Africa’s largest Fintech, allowing more than 30 million Kenyans to access previously unavailable financial services.

As a result, M-PESA has increased financial inclusion in Kenya to more than 84% of the adult population, up from 25% when it was launched in 2007, placing Kenya third on the continent in terms of formal financial inclusion, according to the Global Findex metrics.

Tags: FulizaKCBMpesaNCBAPaul RussoPeter NdegwaSafaricomWilliam Ruto
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Brian Murimi

Brian Murimi

Brian is the founding geek at the Netick. A tech enthusiast skilled in journalism, media relations, multi-platform broadcasting, and social media. Write to him via bryanmurimi@gmail.com

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