President William Ruto has announced that more than four million Fuliza defaulters will be removed from the Credit Reference Bureau (CRB) and other credit blacklists from November.
The President made this announcement during a meeting with financial institutions including Safaricom, Kenya Commercial Banks and NCBA.
Moreover, the head of state noted that going forward, a new rating will be developed that takes into consideration the circumstances of the borrower.
“I am very happy that between 4-5 million Kenyans will, by beginning of November be out of the CRB blacklist,” the president stated.
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“This is very important because these Kenyans have been excluded from any formal borrowing and have been left at the mercies of shylocks that exploit them.” He added.
Furthermore, this announcement follows the decision by the popular overdraft service Fuliza to reduce its daily maintenance fees by up to 40 per cent in a bid to encourage an increment in usage of the product.
Also Read: Safaricom Announces New Fuliza Discounts
Safaricom, NCBA and KCB who are the three entities jointly running Fuliza are to disclose the fees reduction which is aimed at fostering financial inclusion for Kenyans.
