Nikola Tesla in My Inventions said that the progressive development of man is vitally dependent on invention. It is the most important product of his creative brain. This is the quintessence that drives man forth.
In Kenya, the one brand that has kept pace with man’s desire for innovation is Safaricom PLC and the words of Nikola Tesla wouldn’t be far from truth.
Being number one is easy. As easy as spelling ABC. Retaining that position is where man’s ingenuity comes into play.
We have to continually be jumping off cliffs and developing our wings on the way down to be able to learn how to fly and soar the skies of excellence and delivery to those who buy our goods and services.
In this regard, Safaricom has continually been jumping off cliffs to ensure that it meets the desires, needs and most important the conveniences of its clientele.
An overdraft allows an individual to continue withdrawing money even if the account has no funds in it or not enough to cover the withdrawal.
Basically, overdraft means that the bank/mobile facility allows customers to borrow a set amount of money to be repaid later at a fixed rate as long as terms and conditions are met. Our ancestors have invented, we can at least innovate.
MPESA was invented to help us move money at our own convenience. Fuliza is the innovation that helps MPESA have wings to soar the skies of financial ingenuity.
Kenya’s mobile money industry has registered yet another milestone, thanks to Safaricom M-Pesa’s Fuliza overdraft facility that allows M-Pesa customers to complete their transactions when they have insufficient funds in their M-Pesa account.
The overdraft facility has already been hailed by market and economic analysts as something that will cement MPESA’s lead in financial innovation that will further enhance and reaffirm Kenya’s position as a leader in financial development, innovation and inclusion.
The best part of this product is that anybody who is above 18 years of age and has a registered active M-Pesa account is eligible to access it and use.
Once again, through MPESA, bringing credit access closer to the mass market, something that financial markets worldwide have been grappling with.
How To Use Fuliza;
Opting to use the service is as easy as A, B, C,… through the dialing of *234# and selecting Fuliza M-Pesa.
Upon dialing the *234#, one will be able to get details about the limit they are allowed to transact, the balance, mini statement as well as an option to opt out in case one does not wish to continue with the service.
Multiple MPESA Accounts;
Do you have more than one M-Pesa account? You have nothing to worry because every registered line will be treated as a different account.
Each registered mobile number qualifies for the Fuliza M-Pesa and will be awarded a limit that will be reviewed every three months depending on the transactions that someone carries out.
Fuliza is not a loan. It is an overdraft facility. This also means that you cannot withdraw funds from your Fuliza M-Pesa account.
The number of times one transacts lies within the set limit of the mobile number. This means that one can transact as many times as they wish provided the transaction are within the set Fuliza M-Pesa limit.
Once you have opted in, Fuliza M-Pesa becomes automatic and comes in handy when one is paying for goods and service through Lipa Na M-Pesa as well as sending money. All one needs is to transact normally on M-Pesa and in the event that one has insufficient funds, Fuliza M-Pesa will cover the shortfall. Amazing. Right?
The limit a customer is awarded is not stagnant. It grows as one continues using Safaricom and M-Pesa services as well as repaying Fuliza M-Pesa on time by topping up their M-Pesa account.
The world is moving so fast these days that the man who says it can’t be done is generally interrupted by someone doing it.
Is Fuliza M-Pesa free? No. You will be charged 1 percent access fee and a maintenance fee on the outstanding balance. For instance, between 0-100 shillings, you will be charged a one-time fee of 2 shillings. Between 101-500 shillings, one will be charged a tariff of 5 shillings per day, 501-1000, the charge is 10 shillings per day, 1001-1500 shillings, and the charge is 20 shilling per day, 1501-2500 and 2501-70000, the charge will 25 and 30 shillings per day respectively.
Paying back the Fuliza M-Pesa upon transaction is easy. Any amount deposited into the M-Pesa account will automatically be used to clear the outstanding Fuliza M-Pesa. What is more, there is always a reversal in the event that one sends Fuliza M-Pesa to a wrong recipient provided the recipient has not utilized the funds.
This kind of innovation is what is making entrepreneurship in Kenya easier because one of the key challenges to entrepreneurs and SMEs is access to funds and loan/overdraft facilities and through Safaricom PLC and its critical partnerships, we have been able to see tremendous growth that have seen critical support for the SME sector and this product is bound to triple the bottom line return for the brand within this year.