Safaricom, Kenya’s leading mobile service provider, has unveiled new daily billing rates for its popular Fuliza overdraft service, impacting both local and regional clients.
CEO Peter Ndegwa disclosed that customers will now incur a daily charge of KSh 3 for Fuliza loans between KSh 101 and KSh 499.
For those outside Kenya, the charge for loans between KSh 500 and KSh 1000 will be KSh 6 per day.
The maximum daily charge for loans up to KSh 70,000 is set at KSh 25.
Peter Ndegwa also announced a commitment to reducing the costs associated with Fuliza’s lending services.
This move aims to make borrowing more affordable and accessible for consumers. “When we wanted to expand the base and make it more accessible, although the income declined, the actual payments increased,” Ndegwa explained.
This strategy indicates Safaricom’s focus on growing its customer base by making its services more attractive through cost reductions.
Fuliza has become a crucial financial tool for many Safaricom customers, providing short-term credit to cover transactions when users have insufficient funds.
The service’s revised pricing structure is designed to cater to a broader audience, potentially increasing usage and customer satisfaction.
The adjustments reflect Safaricom’s broader strategy to enhance financial inclusivity and affordability.
By reducing the cost of borrowing, the company hopes to alleviate the financial burden on its users, particularly during challenging economic times.
This move also positions Safaricom as a customer-centric organization, responsive to the needs and feedback of its clientele.
As Safaricom continues to innovate and adapt its services, the new Fuliza charges represent a significant step towards balancing profitability with customer affordability.
The company’s ongoing efforts to reduce costs while expanding its user base underscore its commitment to supporting economic growth and financial stability in the region.
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