Safaricom announces new changes to Fuliza with up to 40% discounted rates

Safaricom has held a joint press conference with NCBA Bank and KCB Bank, announcing new changes to Fuliza rates for their customers. Fuliza is is a continuous overdraft service that allows M-PESA customers to complete their M-PESA transactions when they have insufficient funds in their M-PESA account co-operated by Safaricom, NCBA Bank, and KCB Bank.

Fuliza has seen a massive uptake in Kenya since its launch in 2019 with over 5 million Kenyans using it for the first 12 months after release. In a recent report, Kenyans have been borrowing over 1.6b daily

The new rates will see Kenyans enjoy reduced rates of 50%. For users who will be transacting below Ksh 1,000, Safaricom has slashed the maintenance fees for the first three days and after that, the maintenance fee is cut by 40%. However, the 1% transaction fee has been retained.

To be precise, For transactions between Ksh 101 and Ksh 500, there will be Khs 3 daily maintenance fee down from Ksh 5. For Ksh 501 to Ksh 1000, there will be a daily maintenance fee of Ksh 6 down from Ksh 10. For Ksh 10001 to Ksh 1500, there will be a daily maintenance fee of Ksh 18 down from Ksh 20, For Ksh 1501 to Ksh 2500, there will be a daily maintenance fee of Ksh 20 down from Ksh 25, and for Ksh 2501 to Ksh 70,000, there will be a daily maintenance fee of Ksh 25 down from Ksh 30. All this will be in effect from 1st October 2022.