Fuliza Mpesa is a product of the leading telecom operator in Kenya, Safaricom. Also in partnership with Commercial Bank of Africa (CBA) and KCB Group. Fuliza comes in when an Mpesa user wants to use mobile wallet but have insufficient funds in his or her account. Through the partnership the banks provide the user with a top up loan inform of an overdraft.
Fuliza is an overdraft facility or a virtual loan amount. This service enables Safaricom customers to make and complete Mpesa transactions. That is even when they do not sufficient funds in their Mpesa mobile wallets. With Fuliza, an Mpesa customer can use the service as many times as needed. Hence until one reaches the allocated Fuliza Mpesa limit.
Fuliza is not a loan product. It’s a continuous overdraft platform that allows one to complete Mpesa transactions with insufficient funds. An algorithm determines Fuliza Limit allocated to each user. Whereby the system checks for ones transactions, savings and other Safaricom products and services. Once one reaches the limit, then the customer is given a maximum of 30 days. Beyond this the customer is then classified as a default. If not paid in 90 days, then the customer’s name is sent to Kenya Credit Reference Bureau.
To activate Fuliza, one must be a registered Mpesa customer with an active Safaricom line. Each registered Safaricom line is viewed as a different account. Hence this means that, each Safaricom mobile number qualifies for Fuliza. Fuliza provides access fee of 1%. Plus an additional administrative fee for each day until the loan is repaid. That is a maximum of Kshs.30 per day. In addition, Fuliza also attracts standard Mpesa charges.
How to activate Fuliza Mpesa
To activate and join Fuliza;
- Using your active Safaricom line, dial *234#
- Select Fuliza Mpesa
- Join Fuliza
- Accept terms and conditions of the service
- Complete Fuliza registration
How use Safaricom Fuliza overdraft service
The mobile money transactions applicable with Fuliza includes;
- Send money
- Lipa na Mpesa Buy goods and services
- Lipa na Mpesa Pay bills
With Fuliza services, the normal Mpesa rates and limits apply. Hence the minimum and maximum amount that one can send via Fuliza ranges from Kshs.1 up to Kshs.70 000. Hence one can obtain a small and instant loan of up to Kshs.70 000.
One can use and access Fuliza short term loan services from the SIM tool kit or from MySafaricomApp.
While Fuliza allows one to send money without enough funds, one cannot withdraw funds with insufficient funds. Hence one cannot withdraw from Fuliza.
How to check Fuliza account details
To check your Fuliza account details i.e. check Fuliza limit, dial *234# and select Fuliza Mpesa. Furthermore, this option also allows one to check Fuliza balance, Mini statement and even provides opt out option.
Also, every time an individual uses Fuliza, an SMS is received with the outstanding Fuliza amount.
A customer can grow his or her Fuliza limit by using Safaricom and Mpesa services frequently. Also by repaying back Fuliza loan on time.
How to repay Fuliza Mpesa
Fuliza Loan is more like Safaricom Okoa Jahazi but this time, it’s for Mpesa mobile money. The loan is cleared automatically when individuals receive or deposits funds in their mobile wallets.
Sending Money to the wrong Mpesa account can easily be reversed back. Mpesa reversal only happens as long as the wrong recipient had not used, i.e. withdraw or send the funds received. Also as long as the wrong recipient had no Fuliza loan.
With Fuliza, individuals can easily send, shop and pay bills even with insufficient funds in their Mpesa accounts. For example, pay for fuel, shop in supermarkets, and pay bills i.e. DStv, GOtv, KPLC tokens and KPLC bills and so much more.
Fuliza Mpesa is currently available in Kenya. Though Safaricom plans to introduce the service to six more African countries. That is where the mobile money operates. Other than Kenya, Mpesa is also available in Tanzania, Ghana, Lesotho and Democratic Republic of Congo (DRC). Furthermore, Mpesa is also available in Mozambique and India via Vodacom.
Mobile loans have fast gained popularity in the Kenyan market. Other than Fuliza, other loan products in the market includes; Branch loan, Mshwari, Tala and UbaPesa. More loan products includes commercial bank lending apps offered by banks in Kenya.