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Opinion: How Fuliza Is Still Very Expensive Even After Ruto's Intervention

Fuliza overdraft service has quickly grown it's popularity since it was launched in early 2019. Kenyans borrowed an average of Ksh 1.6 Billion daily on Fuliza between January and June this year. However, Fuliza is still very expensive even with the 40% Discount. Here's a small explanation of how this is. Kindly read through it, like this post, share it and don't forget to drop your view regarding this.

Safaricom, NCBA and KCB have announced 40% discount on Fuliza transactions of Ksh 1000 and below. Customers will be charged a daily tariff of Ksh 6 for transactions between Ksh 501 to 1000 and Ksh 3 for transactions between Ksh 101 to 500.

If you Fuliza Ksh 1000 you will incur daily charge Ksh 7.2, tariff of Ksh 6 Bob and 20% excise duty Ksh 1.2. The monthly charge will amount to Ksh 216. For a Ksh 5000 Fuliza you will incur Ksh 25 tariff and Ksh5 excise duty per day. The monthly charge will be Ksh 900.

More Kenyans are likely to Fuliza with the reduction of Licensed Digital lenders by CBK to only 10. In an attempt to increase financial inclusion of Kenyans, more customers will get exploited with the high interest rates.

Content created and supplied by: Wes_S_k (via Opera News )

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