Safaricom Fuliza has announced a 40 percent cut on daily charges for loans below Sh.1000.
In an announcement on Wednesday 28, Safaricom will be charging customers who take loans below Sh.500 with Sh.3 daily from Sh.5.
Charges on loans from Sh.500 to Sh.1000 will be charged Sh.6 on a daily basis.
Customers that take loans of Sh.1000 and below shall enjoy a grace period on the daily maintenance fees for the first three daysSafaricom
“Customers that take loans of Sh.1000 and below shall enjoy a grace period on the daily maintenance fees for the first three days,” read the statement.
The new discounted tariff will take effect from 1st October 2022.
Discount charges will take place once a customer has settled all the balance by using the current charges.
Other loans charges between Sh.25000 to Sh.70,000 will have a discount of 16.7 per cent from Sh.30 daily to Sh.25.
Fuliza was launched on 5th January 2019 in partnership with Safaricom, NCBA and KCB bank.
It allows customers to access funds within the set limits whenever they can through M-pesa transactions.