Safaricom company has announced that M-pesa users who have defaults on their Fuliza loans will face a penalty by either their funds in M-shwari and KCB M-pesa accounts being blocked or used to settle their outstanding loans. The update allows Safaricom to hold on to users funds on the two mobile accounts in case of any defaults.
The company has also introduced a 1.083 percent interest rate on Fuliza. These are the first update they are making on terms and conditions of Fuliza since it was introduced in January 2019. The conditions are expected to reduce the rate of loan defoults and to discourage the practice as well. This comes after the company realized that some users aquire loans,but later abandon their lines after the defaults.
Safaricom reveals that Fuliza is currently the most lucrative mobile lending in Kenya. It has a 100 per cent growth with daily active users standing at 1.4 million.
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