Safaricom has launched Fuliza for business. The new Fuliza service that is targeting businesses will come with limits of up to Sh. 400,000.
The new service has been dubbed as Fuliza ya Biashara and will see borrowers pay zero interest for loans taken and repaid within 24 hours.
“We launched Lipa Na M-Pesa as a way for businesses to conveniently receive cashless payments through their mobile phones, whenever they are,” Safaricom chief executive officer Peter Ndegwa said.
“Fuliza ya Biashara caters especially to small businesses by providing them with instant, affordable credit, empowering them to rapidly respond to their business needs.”
This new product will apply when making transactions from a Lipa Na M-Pesa business till to other till numbers and pay bill numbers, when sending money to an individual, and when withdrawing to the nominated number or at an Agent.
Fuliza ya Biashara is immediately available through the M-Pesa Business App and on the Lipa Na M-Pesa Transacting Till on *234#. Business owners can access a minimum overdraft of Sh. 1,000 and can draw multiple overdrafts of up to Sh. 400,000 based on their assigned limit.
Safaricom launches new M-Pesa payment method
The overdraft is automatically repaid from incoming till payments with amounts outstanding beyond 24 hours and charged at a two per cent daily access fee for up to 29 days.
The Fuliza ya Biashara limit will be reset every time a repayment is made, enabling business owners to immediately access new overdrafts, including the amount they just repaid.
In launching the new product, Safaricom has partnered with KCB Bank which will offer financing and scalability.
“This proposition once again signifies the immense opportunities available within the digital ecosystem managed by KCB and Safaricom,” KCB Bank Kenya Managing Director Annastacia Kimtai said.
“We believe that the roll-out of this exciting feature will give Kenyan entrepreneurs the headroom to scale up their business operations without getting into the danger of not servicing some of their critical needs like payments to suppliers.”