Political Analyst Herman Manyora has reacted days after President William Ruto met with CEOs from Safaricom, NCBA and KCB.
Manyora said there is nothing to celebrate after Safaricom announced that its Fuliza customers will not pay a daily maintenance fee for the first three days when they borrow money for transactions below Sh1,000.
According to Prof Manyora, a number of Kenyans who borrow on Fuliza cannot repay the loan within those three days.
He said those who cannot repay the loan will not enjoy the new deal adding that a section of Kenyans take long to pay back what they have borrowed.
“What was Ruto doing with Fuliza people? They are celebrating after Safaricom said if you stay with a loan for three days they will charge you less. Who stay with Fuliza for three days? There is nothing they were doing,” said Prof Manyora.
Manyora further said despite Fuliza charges being slashed by 50 per cent, Kenyans will still dig deep in their pockets to pay their Fuliza.
In the announcement, Fuliza customers will pay a daily fee of Sh3 down from Sh5 if they borrow between Sh100 and Sh500 and they will pay Sh6 from Sh10 on loans between Sh500 and Sh1,000.
Daily charges on loans of between Sh1,000 and Sh1,500 have also been lowered to Sh18 from Sh20, those between Sh1,500 and Sh2,500 have been lowered to Sh20 from Sh25 and those between Sh2,500 and Sh70,000 to Sh25 from Sh30.
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