Safaricom Unveils Fuliza For Businesses Of Up To Ksh 400,000

Safaricom Plc has rolled out an overdraft facility that will see businesses borrow up to 400,000 shillings via M-Pesa, in a new move that will give commercial banks a run for their money and see most SMEs in Kenya benefiting in boosting their businesses.

Known as Fuliza ya Biashara, the product will apply when making transactions from a Lipa Na M-Pesa business to other till numbers and pay bill numbers, when sending money to an individual, and when withdrawing to the nominated number or at an Agent.

The service will advance an overdraft of up to 400,000 shillings with a 24-hour interest-free period. “We launched Lipa Na M-Pesa as a way for businesses to conveniently receive cashless payments through their mobile phones, whenever they are,” Safaricom CEO Peter Ndegwa said.

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“Fuliza ya Biashara caters especially to small businesses by providing them with instant, affordable credit, empowering them to rapidly respond to their business needs,” Ndegwa added during the launch, affirming that the service was “immediately available.”

Fuliza ya Biashara is immediately available through the M-Pesa Business App and on the Lipa Na M-Pesa Transacting Till on *234#. This will help SMEs who find it difficult to access funding from financial institutions to benefit.

Business owners can access a minimum overdraft of 1,000 shillings and can draw multiple overdrafts of up to 400,000 shillings based on their assigned limit.

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According to Safaricom’s CEO, with more than 538,000 businesses accepting payments through the service, the strategy is to now go beyond collecting payments by providing business owners with tools to manage and grow their businesses.

Fuliza is popular among Kenyans who use it to complete transactions while paying for products and services. At the same time, the fact that Kenyans can now withdraw their Fuliza at an M-Pesa agent makes it easy for people to access quick cash.