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 dubbedFuliza, 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.
How 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 -100||One-time fee of Ksh 2|
|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|
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.