Safaricom’s revenue from Fuliza decline by 8.3 percent

Revenue from Fuliza dipped by 8.3 percent to Sh5.4 billion in the year to March 2023.

This follows the slashing of the fees on the platform.

Safaricom’s revenues from the popular overdraft facility stood at Sh5.9 billion the year before.

 The telco in October last year reduced the daily charges on overdraft loans, with the fee on borrowings of between Sh1,000 and Sh1,500 dropping to Sh18 from Sh20.

Safaricom says, a zero-free period of three days was introduced on amounts ranging from Sh101 to Sh1,000. 

Customers borrowing Sh500 beyond the three days now pay a fee of Sh2.5 which was halved from the previous Sh5.

Lower Fuliza charges have, nevertheless, led to higher disbursements with the value of loans issued from the facility rising by 39.6 percent to Sh701.5 billion from Sh502.6 billion.

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