Fuliza; The New Service From Safaricom, CBA Bank & KCB M-PESA For M-PESA Customers

Fuliza; The New Service From Safaricom, CBA Bank & KCB M-PESA For M-PESA Customers

Kenya’s largest privately owned bank Commercial Bank of Africa (CBA) in partnership with Safaricom are pleased to announce the launch of a new feature on the M-PESA wallet dubbed Fuliza, to complement the existing 30-day term loan, currently offered as M-Shwari.

This new service is designed to help the customer complete M-PESA transactions that would have otherwise failed or postponed due to insufficient funds.

Fuliza; The New Service From Safaricom, CBA Bank & KCB M-PESA For M-PESA CustomersHow it works

With Fuliza, a customer who’s Send Money and Lipa na M-PESA transaction (Buy goods and Pay bill) value is greater than their M-PESA wallet balance, can complete the transaction with the benefit of the Fuliza limit for an Access fee of 1%. In very simple English, if you want to buy stuff from the supermarket worth 1000 bob and you only have 500 Bob, Fuliza allows you to borrow the difference for a maximum period of 30 days. In this time, whatever cash you receive on M-PESA will be deducted and a maintenance fee of between Kshs 2-30 (depending on the amount you took) is also deducted.

This table breaks down the daily maintenance fee:

0 -100One-time fee of Ksh 2
101-500Ksh 5 per day
501-1000Ksh 10 per day
1001-1500Ksh 20 per day
1501-2500Ksh 25 per day
2501-70000Ksh 30 per day

 

It’s also important to note that M-Pesa transaction charges apply.

To opt-in, dial *234# and select Fuliza M-PESA to opt in, check your limit, balance, mini statement and opt out option. Every time you transact using Fuliza, you will receive an sms with the outstanding Fuliza amount.

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