The money lender platform has raised the minimum loan limit from previous 500 to sh 2000.
The mobile loan platform which is owned by safaricom and NCBA bank claim citizens seeking loan less than 2000 will opt the Fuliza overdraft service henceforth.
It charges a facility fee of 7.5% which amounts to an annualized interest rate of 90% while Fuliza charges 1.083 % a day or 395.2 % per year.
“M-Shwari serves the critical need for planned credit and demand for lower ad hoc (impromptu) credit is now better served with Fuliza,” managing Director NCBA group told Business Daily.
John Gachora, who is the managing Director hopes the move brings product differentiation for borrowers in need of the digital loans via M-Shwari or Stawi.
“We are at the centre of these three products and so do we analyse data every day and track behaviors. This is what we are trying to address. Customer qualification for M-Shwari, Stawi and Fuliza will depend on the individual performance on the mobile money, saving and on the observed repayment behavior on all digital loans that they use,” he added.
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