Piece by: BRIAN ORUTA

28 September 2022

• In the changes, borrowers of between Sh101 to Sh500 will be charged a daily fee of Sh3, down from Sh5.

• "Towards this end, we are introducing a new discounted tariff of up to 40% on Fuliza."

Overdraft service Fuliza has reduced its daily charges on over drafts by 40 per cent.

In an announcement on Wednesday, Safaricom, NCBA and KCB banks announced the reduction, which according to the company is a move that will help the overdraft services' use growth.

“We have continued to assess the evolution of consumer behaviour and economic conditions to identify ways in which we can further enhance the utility of our digital financial services,” Fuliza said in a statement.

"Towards this end, we are introducing a new discounted tariff of up to 40% on Fuliza."

In the changes, borrowers of between Sh101 to Sh500 will be charged a daily fee of Sh3, down from Sh5.

Any over draft above Sh501 to Sh1,000 will attract a daily fee of Sh6 down from Sh10.

The new tariff takes effect in October 1, 2022.