According to Safaricom CEO Peter Ndegwa, the telecoms firm wants to get four million clients off the Credit Reference Bureau's (CRB) blacklist by the end of next month.
Ndegwa said Safaricom is now in contact with KCB Bank and NCBA to assist with the move, which seeks to increase income by widening the customer edge.
"Today, we have on average cut the cost of Fuliza by 50%. Four million clients who were previously listed on the CRB would be fixed thanks to our collaboration with NCBA and KCB, our banking partners, "Ndegwa said.
"We will remove them from the CRB's listing so they may apply for new loans; 4 million extra new clients will be allowed to use Fuliza and other lending products without restriction... Beginning in November, work will be done."
The CEO of Safaricom said that removing the customers from the credit list would allow them to re-borrow, which would increase the use of Fuliza and other money-lending services, even though he knew that the move could cost the company money.
He said this would eventually result in a rise in direct consumer traffic, which would allow for the eventual recovery of the lost income.
"Yes, there will be significant financial losses for banks and Safaricom, as well as a decline in our income. Fuliza's use has increased, clients are using it more often, and there are more people using it overall since we cut the price, he said.
"We anticipate that as time goes on, increased consumer use will allow the income to be recovered. We think it will be better for the product's future and the future of its consumers if the product is more inexpensive and sustainable.
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