President William Ruto is expected to attend a press briefing on hosted by Safaricom, KCB and NCBA bank.
It is anticipated that there will be a big announcement during the briefing, one that will “have a considerable impact on financial inclusion for Kenyans’.
Also present is KCB Group CEO Paul Russo, Safaricom CEO Peter Ndegwa, NCBA Bank Kenya CEO John Gachora and former Safaricom Chairman Micheal Joseph.
Earlier today, Safaricom announced 40 percent discount on all Fuliza loans between KSh100-1000 from October 1.
Fuliza, which is owned 40 per cent each by Safaricom and NCBA and 20 per cent by KCB Group, has quickly grown in popularity since it was launched in early 2019. It now has more than 1.7 million active daily users.
Borrowers will now enjoy discount on the daily maintenance fee.
The announcement came barely a month after a joint report by Deloitte and data firm DataEQ showed a majority of Kenyans on Twitter are frustrated by the cost of the overdraft facility.
“Despite acknowledging the convenience offered by M-Pesa, Kenyan consumers expressed unhappiness around how quickly the fees and related charges add up and developed workarounds,” an excerpt from the Safaricom report read.
For customers drawing below KSh. 100, there is no maintenance fee but for those seeking an overdraft of between KSh. 101-500 will now pay a fee of KSh. 3 down from KSh. 5 while those who intend to draw between KSh. 501-1000 will pay KSh. 6.
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