1/n Safaricom has announced major changes to its Fuliza overdraft facility, here's what you need to know: Fuliza has cut daily charges for loans below Sh1000 by 40 percent and introduced a three-day grace period but the company has retained the 1% access fee on all borrowings.
2/n Fuliza Loans below Sh500 attract Sh3 daily charges down from Sh5. Daily charges on loans of up to Sh1000 will come down from Sh10 to Sh6
3/n Fuliza loan upper band of between Sh2500 to Sh70,000 have been handed a 16.7 percent price cut from Sh30 daily to Sh25.
President William Ruto has asked financial institutions to come up with a credit model that will allow small businesses to access affordable loans.
He said it is possible for Mama Mboga and Boda Boda to enjoy low interest loans the same way big firms do.
The President explained that the Government will underwrite the risks that will come with the new move.
He spoke today at Norfolk Hotel in Nairobi during a media briefing by Safaricom, NCBA Bank and Kenya Commercial Bank.
“We must think beyond financial inclusion to a more accessible and affordable credit model. That way, small businesses will grow and drive our economy,” he said.
He noted that the Government is not against Credit Reference Bureau listing but its abuse and criminalisation.
“We are for a mechanism that instils financial discipline. The current CRB as it is is inhibitive; an in-out, all or nothing outfit,” added Dr Ruto.
Source: Sirikali.Net
2/n Fuliza Loans below Sh500 attract Sh3 daily charges down from Sh5. Daily charges on loans of up to Sh1000 will come down from Sh10 to Sh6
3/n Fuliza loan upper band of between Sh2500 to Sh70,000 have been handed a 16.7 percent price cut from Sh30 daily to Sh25.
President William Ruto has asked financial institutions to come up with a credit model that will allow small businesses to access affordable loans.
He said it is possible for Mama Mboga and Boda Boda to enjoy low interest loans the same way big firms do.
The President explained that the Government will underwrite the risks that will come with the new move.
He spoke today at Norfolk Hotel in Nairobi during a media briefing by Safaricom, NCBA Bank and Kenya Commercial Bank.
“We must think beyond financial inclusion to a more accessible and affordable credit model. That way, small businesses will grow and drive our economy,” he said.
He noted that the Government is not against Credit Reference Bureau listing but its abuse and criminalisation.
“We are for a mechanism that instils financial discipline. The current CRB as it is is inhibitive; an in-out, all or nothing outfit,” added Dr Ruto.
Source: Sirikali.Net