Communication and tech giants, Safaricom has announced that starting November 14, 2021, they will legally use funds held in individual KCB M-Pesa and M-Shwari accounts to offset their Fuliza.
This is according to Safaricom's new terms and conditions of collateral and security for outstanding fuliza loans and overdraft service.
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In addition to that, they have updated their interest rates rate on fuliza to 1.083% whereas previously according to standard the service charged a facility fee of the same amount.
You hereby agree and confirm that NCBA and KCB are entitled in their discretion to prevent or restrict you from withdrawing in whole or in part the funds in your accounts,” part of the requirements
The popularity of Fuliza is skyrocketing from Ks 176billion borrowed by Kenyans in the first six months of 2020 to Ksh 220.38billion in a similar period in 2021