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New way that Safaricom will be using to recover defaulted Fuliza loans

Safaricom which is a mega communication giant has come up with a way of recovering defaulted fuliza loans. Safaricom introduced fuliza for the safaricom line users some few years back and it has been very helpful to many Kenyans. It became beneficial to to communication giant until the users started defaulting the loan they have taken. Safaricom has now decided that it will use the funds held in M-Shwari and KCB M-Pesa accounts to offset Fuliza loans. M-Shwari and KCB M-Pesa accounts will act a security for any outstanding fuliza loans someone has taken. In the first six months Kenyans borrowed 220 billion by fuliza. The decision has been updated in the firm’s terms and conditions for the overdraft service, hence can rightfully use funds in M-Shwari and KCB-MPesa to repay the fuliza loan. This will start from November 14, 2021, and is expected to reduce the number of loan defaulters

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

KCB Kenyans M-Pesa M-Shwari Safaricom


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