Many Kenyans are unable to live comfortably due to their incomes. Since income may not be enough, most of them end up borrowing from loan companies, banks and other financial services. Others may not be able to access these loans. Safaricom came up with a solution for M-PESA customers, it is an overdraft service and not loan service. This overdraft service is Fuliza.
Payment Terms and Conditions
Fuliza is only applicable to Safaricom customers who have had their Safaricom lines for a long period of time and different customers have different Fuliza limits. With Fuliza, you are able to send, withdraw or buy goods via paybill and till numbers even when your wallet doesn’t have enough cash by overdrawing the amount. There are daily charges for the overdrawn amount which is revenue for Safaricom.
The overdrawn amount is required to be repaid by the 30th day after overdrawing. If not, Safaricom has the ability to access the defaulting customer’s M-Shwari, KCB or NCBA Bank accounts to repay the Fuliza amount. Fuliza made Safaricom Ksh 2.8 billion in the last year. Your M-Pesa wallet is patched up as soon as you top up your M-PESA balance, that is how Fuliza works..
Uganda has also depicted Fuliza after its success statistics. MTN Uganda, together with NCBA Uganda has launched MoMoAdvance. It works like Fuliza, but is more robust in terms of feature sets because MTN Mobile Money agents and company clients can even access it.
These are Safaricom Fuliza charges for 2022[You are charged a 1% access fee and a maintenance fee on the outstanding balance as per the table below. Normal M-PESA transaction charges apply]
|Band (KES)||Tariff (per day)||Promotional Tariff for 30 days from launch|
|0-100||KES 2.4||One-time fee of KES 0|