Fuliza, a well-known overdraft provider, has reduced its daily maintenance costs by up to 40% in an effort to encourage more people to use the service.
The price drop will be announced later on Wednesday by the three companies that run Fuliza together: Safaricom, NCBA, and KCB. They are doing this to help more Kenyans get access to financial services.
With the revised rates, the daily maintenance fee for overdrafts between Ksh. 101 and Ksh. 500 and Ksh. 501 to Ksh. 1,000 has been reduced by 40% to Ksh. 3 and Ksh. 6, respectively, from Ksh. 5 and Ksh. 10.
Customers will also enjoy reductions of 10, 20, and 16.7% on daily maintenance costs for the first three days if they have overdrafts between Ksh. 1001 and Ksh. 15,000, Ksh. 1,501 and Ksh. 2,500, and Ksh. 2,501 to Ksh. 70,000.
On October 1, 2022, the new lower pricing will go into effect and be available to all opted-in Fuliza customers who have a positive limit and no unpaid debt.
In a notice announcing the new lower rate, NCBA said, "We have continued to look at how consumer behavior and economic situations have changed to see how we can make our digital financial services even easier to use."
Even if a customer doesn't have enough money in their mobile wallet, they can still use M-Pesa thanks to the Fuliza overdraft service, which started in 2019.
As long as users stay within the established boundaries, the program enables them to access money several times.
In the 12 months before March 31, 2022, Safaricom, KCB, and NCBA sent out a total of Ksh.502.6 billion through Fuliza, which is about Ksh.1.4 billion per day.
6.9 million Kenyans used Fuliza throughout the year, generating 5.9 billion Kenyan shillings for Safaricom.
The average "loan" ticket size in Fuliza at that time was Ksh. 345.20. In the same year, customers paid back Ksh. 510.3 billion to the service. This shows that 101.5% of the money that was given out was paid back.
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