Safaricom Fuliza is an overdraft loan facility provided by Safaricom in partnership with the Commercial Bank of Africa. This loan facility was designed to help Safaricom M-Pesa users to complete transactions even if their M-Pesa balance is insufficient.
Since the introduction of Fuliza M-Pesa, it has been established that Safaricom dispensed over 1 billion in overdraft loans in just 8 days.
The purpose of Fuliza was to facilitate the completion of transactions through Lipa Na M-Pesa, Till number payments and Send money options.
However, Kenyans being the creative people they are decided to see it as another opportunity to get loans from Safaricom.
What is Safaricom Fuliza?
Fuliza M-Pesa is an overdraft loan facility designed to allow M-Pesa customers to complete their transactions even with insufficient funds in their M-Pesa accounts.
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How to get Safaricom Fuliza M-Pesa Loan
To start enjoying Fuliza M-Pesa, here is the process.
- Dial *234# from your Safaricom line
- Select 0 as your first option “Fuliza M-Pesa”.
- Select opt-in and you’re good to go.
- To activate Fuliza, do a normal transaction on your M-Pesa
- Before you start to Fuliza, check your Safaricom Fuliza limit
Fuliza Charges and Fees
Like you would expect, there are charges that you will incur for using Safaricom Fuliza. Safaricom will charge 1% maintenance fee and access fee on the outstanding overdraft.
|Band||Tariff||Promotional Tariff for 30 days from Launch|
|0-100||one time fee of Ksh 2||one time fee of Ksh 0|
|101-500||Ksh 5 per day|
|501-1000||Ksh 10 per day|
|1001-1500||Ksh 20 per day|
|1501-2500||Ksh 35 per day|
|2501-70000||Ksh 30 per day|
How to Withdraw money from Safaricom Fuliza
As of now there it is not possible to withdraw your Fuliza overdraft. However, if you need the money, you can send the overdraft to your friend’s line and have them withdraw the amount for you.
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Alternatively, you can send the money to you other Safaricom line and withdraw it. It is, however, important to note that M-Pesa rates and charges will apply during these transactions.
To send the money, go to your M-Pesa menu and do a normal send money transaction. Must read: Best paying ONLINE WRITING JOBS in Kenya
You can also pay for goods and services using Lipa Na M-Pesa or till number without panicking.
Perhaps the best part is that every time you transact using Safaricom Fuliza, you receive an SMS with the outstanding Fuliza amount.
You should also remember that the primary M-Pesa rates apply in any M-Pesa transaction. To understand more about this new loan facility from Safaricom, you can visit the Safaricom PLC frequently asked questions website and hopefully, you will find answers to all your questions.