Peter Ndegwa, Safaricom CEO on Wednesday announced the reduction on Fuliza charges for customers who transact below Ksh. 1000.
“Beginning the 1st of October, all customers will enjoy Fuliza free of the daily maintenance fee for transactions below Ksh. 1000 and below 3 days… In addition, we are reducing the daily maintenance fee by 50% for Fuliza” Peter Ndegwa said.
The Safaricom CEO said that going forward, they will maintain their commitment to customers to continue delivering affordable and innovative financial solutions. These include investment and insurance solutions that will empower our customers to grow their financial health.
Following today’s announcement, millions of customers and businesses will benefit from free access to credit enabling them to do more with M-PESA.
KCB Group CEO Paul Russo on his part said that Through the collaboration of Safaricom, Mpesa, and NCBA they have built innovative products. But the challenge remains to create meaningful livelihoods, and we have to tackle it together as partners.
CBK Governor Patrick Njoroge welcomed the restructuring of the product, including the pricing changes announced today. “In our view, this is a first step in ensuring more Kenyans can access financial services. Since its launch, Fuliza has become a critical part of the financial lives of millions of Kenyans, given its mobile-phone-centric delivery channel” Njoro added.
President William Ruto who graced the event was impressed by Fuliza’s move to cut fee charges for ‘hustlers’
“I appreciate that today we are having a conversation about hustlers, this is very important to me… I’m confident that by walking this journey in the direction you have started, we will get to the correct destination. I’m very happy that between 4-5 million Kenyans will, by the beginning of November. be out of the CRB blacklist. This is very important because these Kenyans have been excluded from any formal borrowing and have been left at the mercies of shylocks that exploit them” – President Ruto
The head of state also hinted at putting in place strict measures to curb gambling in Kenya.
“Our online betting companies are currently operating in an opaque manner They need to be regulated.”
“We are ready to commit public resources to underwrite some of the risks so that Chamas, Cooperatives, and Saccos can access credit at single-digit interest rates. The government of Kenya is not against credit listing or CRB facilities, in fact, we support CRBs as a mechanism of instilling financial discipline in our financial sector. We do not want credit listing to be an all-or-nothing” – President William Ruto