How to Access an Overdraft from Safaricom’s Fuliza

Safaricom, in partnership with KCB bank and CBA Bank, has rolled out an overdraft facility dubbed ‘Fuliza’ which allows M-Pesa customers send money or pay for goods and services even with insufficient balance in their accounts.

Through Fuliza, M-Pesa customers are able to access overdrafts of as high as 50,000 shillings depending on the value of their transactions.

Fuliza is more like Okoa Jahazi of Lipa Na Mpesa.

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 percent.

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

Whenever one receives an inflow into their M-PESA wallet, the overdrawn position is regularized. During this period that one’s M-PESA wallet is overdrawn, they will still have access to their M-Shwari limit.

The service attracts a daily charge of 0.5 percent of the borrowing as a top-up to enable M-Pesa customers to complete transactions.

To be able to access an overdraft through Fuliza, one can sign up by going to the MySafaricom app and opting in under the Fuliza tab in M-Pesa or they can as well sign up via USSD by dialing *243# and agree to the presented Fuliza Terms and Conditions.

Additionally, you must be 18 years old and above and have been an M-Pesa active customer for 6 months.

Once one signs up for the service, they will receive a confirmation message that has the overdraft limit. If the confirmation message does not have a limit then one may be required to transact a bit before they can get an overdraft facility.

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.

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