How to Fuliza: Get Easy, Quick Loan on Safaricom M-Pesa

How to Fuliza: Safaricom launched this overdraft service that enables customers to complete M-Pesa transactions that would have failed due to lack of sufficient funds.

How it works

Fuliza allows users can get overdrafts as high as Sh. 50,000 depending on the value of their transactions and the interest rate on your overdraft is 0.5% per day on the outstanding balance.

And if you have more than one Safaricom line, every M-PESA registered line will be treated as a different account. Each mobile number will qualify for Fuliza M-PESA and will be awarded a limit. This limit will be reviewed every 3 months depending the usage.

With Fuliza, a customer who’s Send Money and Lipa na M-PESA transaction (Buy goods and Pay bill) value is greater than their M-PESA wallet balance, can complete the transaction with the benefit of the Fuliza limit for an Access fee of 1%.

A maintenance fee of between Ksh.2- Ksh.30 per day is then applied each day that the wallet remains overdrawn.

How to Fuliza

Fuliza is targeted at all Safaricom M-PESA customers that have been active for at least the past 6 months and maintain a good M-Shwari credit performance history. The service will be offered on the M-PESA Sim Toolkit (STK) Application and My Safaricom App.

To subscribe (opt-in) to this service, a customer shall dial *234*0# and agree to the presented Fuliza Terms and Conditions.

One does not necessarily have to be an existing M-Shwari customer in order to opt into this service. Fuliza is available for Send Money and Lipa na M-PESA transactions.

Paying back

Whenever you receive an inflow into your M-PESA wallet, the over drawn position is regularized. During this period that your M-PESA wallet is overdrawn, one shall still have access to their M-Shwari limit.

Penalties

Once you receive an overdraft, you have to pay it within 90 days or you will be in default. In case you fail to pay within the required days, you will not have access to your loan M-PESA limit if you have any unpaid balance after day 30. This will however be restored on full repayment of your loan balance.