President William Samoei Ruto has changed his tune on the fuliza loan despite vowing to scrap it off during his campaigns.
Ruto while speaking at Norfolk Hotel said that the fuliza loan will continue although the interest rate will go down by 50%.
The meeting was attended by the governor of central bank Mr. Patrick Njoroge, CEOs from the NCBA bank, KCB bank and the management of Safaricom led by CEO Peter Ndegwa.
Ndegwa ordered that Fuliza customers borrowing less than 1,000 Kenya shillings will no longer pay maintenance fees for the first 3 days. At the same time, the daily fee will be slashed by 50percent. Other key announcement was that Fuliza Loans below Sh500 will attract Sh3 daily charges down from Sh5. Besides, Daily charges on loans of up to Sh1000 will come down from Sh10 to Sh6
Most importantly, Fuliza loan upper band of between Sh2500 to Sh70,000 have been handed a 16.7 percent price cut from Sh30 daily to Sh25.
Kenyans on Wednesday thought that the president would implement his threats and do away with fuliza, having termed it as oppressive during campaigns.
More to follow…
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