Safaricom, NCBA and KCB banks have announced new Fuliza tariffs with a discount of up to 40 per cent.
In addition, borrowers will be given a grace period of 3 days after the overdraft, before which the maintenance charges will start accruing.
Borrowers of between Ksh. 100 and Ksh. 1000 will get a 40 per cent discount.
Ksh. 1000 will attract maintenance charges of Ksh. 6 from the current Ksh. 10, with Ksh. 500 attracting Ksh. 3 charges daily from the current Ksh. 5.
Read: NCBA Reaps Billions From Fuliza, M-Shwari
Customers withdrawing more than Ksh. 1000 will receive lower rates, with those with between Ksh. 2500 and Ksh. 70 000 will receive a 16.7 per cent discount.
However, borrowers must settle their current loans at the previous rates before enjoying the new tariffs.
The three partners have termed the revised rates as aimed at achieving financial inclusivity among Kenyans.
Fuliza Mpesa was launched in 2019 by Mpesa, KCB and NCBA to help customers access extra amounts on top of their M-Pesa balance.
Since being launched, Fuliza has established itself as one of the most dominant mobile loan providers registering an average of Ksh. 1.5 million disbursements daily in 2021 and 2022.