How To Use Fuliza Overdraft Service By Safaricom, Service Fees And Repayment

By Getrude Mathayo / Published May 31, 2021 | 3:49 pm

KEY POINTS

Fuliza M-PESA is a new service that allows M-PESA customers to complete their M-PESA transactions when they have insufficient funds in their accounts.

Fuliza M-PESA is a new service that allows M-PESA customers to complete their M-PESA transactions when they have insufficient funds in their accounts.

Fuliza is available to all M-PESA customers, however, the awarding of limits will depend on your credit viability and how long you have been using M-PESA.

The service is available to Safaricom subscribers who use the company’s financial tool, M-Pesa. Users are assigned a Fuliza limit depending on their M-Pesa usage.

During the announcement of Safaricom’s Half Year results in November 2018, Safaricom made a series of announcements, including the launch of an overdraft facility dubbed Fuliza. The product has since gone live with fanfare owing to its offerings.

Using Fuliza is quite easy. It is an opt-in service allowing subscribers to access short-term loans which can be used to send money and pay for goods and services.

To repay your Fuliza simply deposit cash to your M-PESA or receive M-PESA and your Fuliza balance will be deducted automatically.

To reiterate, Fuliza is more of an Okoa Jahazi for M-PESA services, specifically Lipa Na M-PESA products – Pay Bill and Buy Goods and sending money. In essence, Fuliza complements M-Shwari, but it is not a loan service as the latter offers credit to M-PESA users that should be repaid after 30 days.

To apply for Fuliza M-Pesa, you must be a registered M-Pesa customer with an active Safaricom line. The line must have been active for the last six months to use the Fuliza service.

You can opt into the service by dialing *234# from your Safaricom line. Or you can use the MySafaricomApp to opt into the service

Once activated via USSD code, it automatically kicks if they fall short of funds when using Lipa Na M-PESA services or sending cash. Users, however, cannot withdraw from Fuliza.

Besides the regular M-PESA transaction fees, Fuliza attracts a 1 percent access fee and maintenance charges on the outstanding balance.

The overdrawn funds will automatically be subtracted as soon as a user deposits funds to their M-PESA wallet. You will still be able to access the service as payment is regularized.

Some people have asked if they can get money reversed if they send/pay to a wrong number or till and had used the overdraft.

According to Safaricom says that the reversal process goes into effect if the wrong recipient has not used the money. Similar to conventional reversal processes, transaction fees will not be reimbursed.