Safaricom Plc has announced that it will introduce Fuliza, an overdraft service for M-PESA subscribers.
The telcos company made the announcement during the presentation of its half-year results where it was noted that Fuliza will be available for customers using various M-PESA services including P2P transfers and Lipa Na M-PESA.
The service will be managed by the Kenya Commercial Bank (KCB) and the Commercial Bank of Africa (CBA) both which facilitated other M-PESA services like KCB M-PESA and M-Shwari respectively.
According to Safaricom’s Chief Executive, Bob Collymore, the company, together with the two institutions have over the last one month spent time piloting the service.
“Fuliza will enable customers to buy goods and services, pay for utility bills, and send money to their family and friends even when they do not have enough cash in their M-PESA account,” Collymore added.
He boldly stated that the company is pleased to announce the service citing that they now have the go-ahead to roll out Fuliza.
The service will be officially live as from 5th of November 2018. It will be accessible through the USSD code *234#.