Safaricom to reduce Fuliza daily tariff as from 1st October

Safaricom has announced that it will be reducing the daily maintenance fees by up to 40% on their M-PESA overdraft service, Fuliza. The access fee will however remain at 1%.

Fuliza is an overdraft facility that was launched in 2019 as part of a partnership between Safaricom, NCBA and KCB. It allows M-PESA customers to complete their M-PESA transactions even when they have insufficient funds in their M-PESA account. They can access the funds multiple times as long as they are within their Fuliza limit.

The discounted tariff will take effect as from October 1, 2022. Whereby all Fuliza customers who have a positive limit and with no outstanding balance will benefit from the new tariff. Also, customers that receive loans of Ksh. 1,000 and below shall enjoy a waiver on daily maintenance fees for the first 3 days.

Fuliza loans of Ksh. 500 and below will attract a daily fee of Ksh. 3, down from Ksh. 5. While Fuliza loans of between Ksh. 501 Ksh. 1,000 will now be charged a daily fee of Ksh. 6, down from a previous fee of Ksh. 10. Both these loan groups have received a 40% discount in daily charges.

Larger amounts however, will still attract higher charges. Fuliza loans between Ksh. 1,501 to Ksh. 2,500 will be charged a daily rate Ksh. 20, down from Ksh. 25. Which is only a 10% change.

The loans disbursed by Fuliza stood at Ksh. 288 billion by June this year. This is up from Ksh. 220.38 billion in the same period last year and Ksh. 176 billion in 2020. The loan service made history when it acquired over 1 million customers and gave out over Ksh. 1 Billion in loans in just 8 days.

New Fuliza charges effective October 1, 2022

Component	Tariff Band	Old Tariff	New Tariff	% Change
Access Fee	All drawdowns	1%	1%	No change.
Daily MaintenanceFee (DMF)	1 – 100	0.00	0.00
	101 – 500	5.00	3.00	40% discount
	501 – 1,000	10.00	6.00	40% discount
	1,001 – 1500	20.00	18.00	10% discount
	1,501 – 2,500	25.00	20.00	20% discount
	2,501 – 70,000	30.00	25.00	16.7% discount