How Get Safaricom Fuliza Loan: Borrow and Withdraw from Fuliza Mpesa
How To Withdraw From Fuliza
What is Safaricom Fuliza Loan
Fuliza Mpesa loan is a form of overdraft by Kenya’s largest telco Safaricom and it’s mshwari partner Commercial Bank of Africa (CBA). It’s an overdraft service or simply Okoa Mpesa loan which allows mpesa users to send money to friends and relatives or pay for services through Lipa na Mpesa with less or zero mpesa account balance.M-Pesa users can now send money or pay for goods and services when they have insufficient balance in their accounts after Safaricom rolled out Fuliza to all subscribers on its mobile money platform over the weekend.
Rollout of the overdraft facility to the firm’s 24. 2 million M-Pesa users follows a successful pilot programme in November last year.
- How To Withdraw From Fuliza
- How To Borrow From Fuliza
- How To Withdraw Money From Fuliza
- How To Withdraw From Fuliza Mpesa
- How To Use Fuliza Mpesa
- How To Use Fuliza
- How To Pay Fuliza Loan
- How To Get Fuliza Loan
- How To Apply Fuliza Loan
- How To Pay Fuliza
- How To Access Fuliza
- How To Use Safaricom Fuliza
It also comes at a time when M-Pesa and data services helped buoy its half-year net earnings by 20.22 per cent to Sh31.5 billion, underlining the importance of capitalising on its mobile money services to grow revenues.
With Fuliza, M-pesa users can now get overdrafts of as high as Sh50,000 depending on the value of their transactions through the service that was rolled out on Saturday.
The telco launched the overdraft facility in partnership with KCB and CBA. It attracts a daily charge of 0.5 per cent of the borrowing as a top-up to enable M-Pesa customers complete transactions.
The two banks will use algorithms based on transactions such as M-Pesa deals and airtime use to set a limit on amount which can be accessed by individual customers.
Safaricom had 24,206,341 active subscriptions on its M-Pesa platform at the end of September, according to industry data by the Communications Authority of Kenya.
Fuliza is the latest innovation by the firm as it seeks to leverage on M-Pesa to generate additional revenue for Safaricom.
How to Register and use Safaricom Fuliza
You can use Safaricom Fuliza thorough mysafaricom app that can be downloaded from Google playstore or through USSD by dialing *234# and select FULIZA. Proceed to accept the terms and conditions and finally register.
Safricom Fuliza Loan Rates and Fees
The loan comes with an access fee of 1% of the overdraft and a daily fee of ksh 1. If you’ll repay the loan after 30 days you’ll have to add ksh30 as the daily fee.If you repay the same day after getting the overdraft you’ll pay nil daily fee.
Withdrawing Fuliza Mpesa loan
You can withdraw Fuliza Mpesa loan money directly from your Mpesa account as of now. You can get this money if you’ll send it to a friend or relative and then ask them to withdraw that cash from an Mpesa agent and hand it back to you.
The intended use however is ’emergency’ like paying for items or services through Lipa na Mpesa even if your Mpesa balance is low or nil.
How to Repay Fuliza Loan
Safaricom will be doing direct deductions from deposits into your Mpesa account till theFuliza overdraft is fully settled.