On September 28, 2022, Kenyan President William Ruto held a meeting at the Norfolk hotel in Nairobi with several economic stakeholders. The Governor of the Central Bank of Kenya Patrick Njoroge, the Chief Executive Officer of Safaricom Peter Ndegwa, the Chief Executive Officer of KCB Paul Russo, and the Managing Director of NCBA Jahn Gachora were among the notable visitors that attended the conference.
One of the topics that were covered in the Safaricom money lending project is called Fuliza. Following extensive discussions, Safaricom has decided to implement a discount of forty percent (40%) on Fuliza beginning on the first of October. This indicates that Fuliza's daily rates, which are subject to change, will drop dramatically shortly. In addition, there won't be any daily fees to pay for the first three days after the loan has been made.
In addition, President Ruto has announced that the names of 4-5 million Kenyans who have been placed on the CRB's "blacklist" will be removed from that database beginning in November. This includes those that are mentioned by online money lenders like Fuliza and the rest of the others. The president of the state stressed that loans should not be made into a life-or-death decision for Kenyans and that they should be provided at reasonable interest rates.
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