Kenyans with the obsession of borrowing money have got to be one way of the ways to survive in the rising economy. This has been an ongoing conversation where Kenyans argued that the cost of living is high compared to recurrent expenditures. Meeting the expenses of rent, bus fares, meals, and other immediate needs got people seeking for salary advances and others opting for loans.
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The Safaricom network has introduced FULIZA where one can send money even with no or insufficient funds in their mobile wallet. The provision of loans from microfinance institutions has been a trend in the Kenyan market and youths borrowing them with no intention of paying back. The likes of TALA, BRANCH, SAIDA, JAZIKA, and others have stormed the Kenyan loan service with lucrative offers. This being the norm, many people are now listed by Central Bank Rate (CRB) for defaulting to pay the loan.
The purpose of borrowing a loan is to help in small business and running small errands which are a plus to a customer. Kenyans on Twitter share their sentiments in what looks like watering down the effort of Safaricom providing FULIZA as the easiest way to get money when one is broke.
The #FULIZAMPESA is a clever innovation by Safaricom. Of course, if you get an overdraft, you have to pay for it one way or the other. Still, a clever one.https://t.co/YVkZufjHHw
— Ikhonga Murwi (@namunyuHM) February 7, 2019
#FULIZAMPESA. I have always said this is a fraud. Let @SafaricomPLC make it a term loan.
— Jared Aming'a (@JaredAminga) February 6, 2019
I respect @SafaricomPLC however i strongly feel this #FULIZAMPESA is the beginning of the end of your customers healthy financial decisions. In my opinion, you are now becoming an urban shylock.
— Mugere_Kamba (@KariukiNyaga) February 7, 2019
Kenyans are sinking into debts deeper everyday #FULIZAMPESA
— Bethuel 🇰🇪 (@Thimba_Ke) February 7, 2019
Some have developed a new ‘proverb’ that says; If you want to lose friends then lend them money, for everyone is a defaulter. Do you agree with this?