Small business owners in Eldoret Applaud President Ruto Reducing Fuliza Interest
Small business owners in Eldoret have applauded president William Ruto for reducing the reduction of Fuliza interest rates by Safaricom.
On Wednesday, Safaricom alongside NCBA and KCB Bank announced the reduction of Fuliza interest rates for daily loans below ksh.1000 from Sh10 to Sh5 starting October 1.
Mary Karanja,a bussiness owner in Eldoret says that the move by Safaricom will boost small bussinesses around Eldoret
“This bussiness is my only source of income as it pays the school fees for my kids and pays my rent. The reduction of interest rates by fuliza will boost my business and my plea to Safaricom is to either remove the interest rates for small bussinesses or reduce it from Sh6 to Sh3,”Mary said.
Pamela Chisia, a hawker says that she is enlisted in the CRB for failing to repay an old fuliza loan and she is glad that her name will be cleared from it after President William announced yesterday that at least four million Kenyans will be opted out of the credit reference bureau listing.
“Currently my number is enlisted in the CRB and the move by the President is huge as it will ensure that I will borrow loans from fuliza and repay them to boost the growth of my bussiness. My plea to the President is that he should come up with a way hawkers are registered to the county governments so as to end the harassment we face from the county askaris.”
Data from the annual report from NCBA group indicates that Safaricom has disbursed 1.06 trillion through Fuliza since it’s launch in 2019.
By Ryan Kiprono
Post Author
