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Ruto: 50% tariff waiver on Fuliza to release 4 million people out of CRB blacklist

President William Ruto has expressed optimism about the newly introduced 50 percent waiver on daily charges on Fuliza loans below KSh 1,000.

The President said between 4-5 million Kenyans will, by the beginning of November be out of the credit reference bureaus (CRBs) 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,” Ruto said.

“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 all-or-nothing.”

He spoke on Wednesday during a joint press conference hosted by Safaricom, KCB, and NCBA on financial inclusion in Kenya.

Safaricom CEO Peter Ndegwa on Wednesday announced a 50 percent reduction on maintenance fee reduction on the first three days of Fuliza transactions. This move affects 80 per cent of all existing transactions in the facility.

“I appreciate that today we are having a conversation about hustlers, this is very important to me… I’m confident that walking this journey in the direction you have started, we will get to the correct destination,” Ruto said.

Borrowings from Safaricom’s overdraft service rose by 30.7 percent in the six months to June this year, underlying the biting cost of living forcing many Kenyans to rely on short-term mobile loans to meet their needs.

The amount of cash disbursed on Fuliza hit Sh288 billion in the first half period up from Sh220.38 billion in the same period last year.

By February 2021, the number of loan accounts negatively listed with CRBs hit 14 million, underscoring the struggles Kenyans face in repayments.

The blacklisted accounts jumped by a significant 45 percent in the five months between August and January 2021 after the Central Bank of Kenya (CBK) lifted a three-month moratorium.

About 1.72 million workers lost jobs in three months to June when Kenya imposed a lockdown to curb the spread of the coronavirus. Recovery has been slow, with salary cuts persisting in many sectors.

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