Safaricom uptaded its terms and conditions which are effective from 14th October 2021. It says that the uptaded terms are not new but a standard for banking products.
According to the new update, Safaricom will have the mandate to hold onto user's funds on the two mobile accounts. That is, M-Shwari and KCB M-Pesa in the event users default on the overdraft facility.
The M-Pesa users who do not pay their Fuliza Loans will have access to their funds in M-Shwari blocked or used to settle their outstanding balances.
The terms and conditions reads that, " You hereby agree and confirm that NCBA and KCB are entitled in its discretion to prevent or restrict you from withdrawing in whole or in part the funds in your accounts for so long. Also, to the extent of the amount outstanding in respect of your loan without KCB or NCBA giving any notice to you or without incurring any liability to you whatsoever in that connection."
The new terms also introduce a 1.084% interest R mm rate on Fuliza, whereas previously, the service charged a facility fee of the same amount. This is however the first update since introduction of Fuliza by Safaricom in January 2021.
Whereby, the previous set of terms and conditions from the company's website makes no mention of the lien clause on KCB M-Pesa accounts or of the 1.083 per cent in interest rate.
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