Safaricom’s Fuliza enables you to complete your M-PESA transactions when you have insufficient funds in your M-PESA account.
The overdraft service is a product of NCBA Bank and is offered through Safaricom’s M-Pesa platform.
Fuliza is available to all M-PESA customers, Safaricom sets a limit for you depending on your credit viability and how long you have been using M-PESA. You may then access funds multiple times as long as you are within your Fuliza limit.
Where is Fuliza Applicable?
The Fuliza Overdraft may only be utilized to complete the following transactions on M-PESA via STK or MySafaricom APP;
- to send money to registered and unregistered M-PESA customers;
- To make payments via “Lipa na M-PESA” transactions.
how to register for Fuliza
To register for Fuliza dial *234# and select Fuliza. You need to be an M-PESA registered customer with an active Safaricom line for over six months.
You can also opt-in via the new M-PESA App
How to repay Fuliza
To repay your Fuliza simply deposit cash to your M-PESA or receive M-PESA and your Fuliza balance will be deducted automatically.
Failure to repay the loan in 30 days results in a default.
What happens when you default Fuliza?
In the terms and conditions, Safaricom can hold any of your funds standing in credit with KCB or NCBA as collateral and security for any amounts outstanding and due from you in respect of the Facility or Service in the event of a default.
The Telco can also have a right of lien and set off over funds held by you in any of your accounts with KCB or NCBA. KCB or NCBA may, without notice, set off against any amount due from any other account whether current, loan, or loans, or any other type of account. A right of lien and setoff shall exist over savings and mobile saving accounts
Safaricom can also take reasonable measures including engaging an independent debt-collection agency, to recover the amount in default and submit information concerning the event of Default to Credit Reference Bureaus
Interest and Service Fees
The standard M-Pesa transaction fees apply when you use the Fuliza Services on your line. Safaricom will also charge you a one-off Interest rate of 1.083% and a daily administrative fee on the outstanding balance as per the table below.
|Band||Tariff||Promotional Tariff for 30 day from launch|
|0 -100||One-time fee of Ksh 2||One-time fee of Ksh 0|
|101-500||Ksh 5 per day|
|501-1000||Ksh 10 per day|
|1001-1500||Ksh 20 per day|
|1501-2500||Ksh 25 per day|
|2501-70000||Ksh 30 per day|