Safaricom has finally provided an efficient solution that will address the unpleasantness one can go through when you are in the middle of purchasing items, and you suddenly realise there is insufficient funds in your mobile money wallet.
Through a new service, dubbed Fuliza, Safaricom customers will now have an option to make purchases without further inconveniences of having insufficient balance in their M-Pesa accounts.
Safaricom says 58 per cent of M-Pesa transactions fail due to insufficient funds.
How Do I Access Fuliza?
To access the overdraft services, Safaricom customers will dial *234#, or through mySafaricom App, and select Fuliza M-Pesa to opt-in.
Step 1: Step 2: Step 3:
Step 4: Step 5: Step 6:
Fuliza is only applicable to customers making transactions through Safaricom’s Lipa na MPesa services – PayBill and Buy Goods.
The new service is accessible to all registered M-Pesa customer, with an active line. One does not necessarily have to be an existing M-Shwari customer in order to opt-in to this service.
How It Works:
Imagine you are in a supermarket, and you have purchased goods worth Ksh5,000. At the till, you realise that your all your MPesa accounts have only Ksh4,000.
Through Fuliza, the total amount will be transacted normally through M-Pesa, and the shortfall will be recovered later. This is a huge relief, as it will avoid embarrassment on the queue, or unnecessary inconvenience.
The maximum overdraft facility is Ksh50,000.
What Are the Terms and Conditions?
Safaricom says customers will be charged 1 per cent Fuliza access and maintenance fees on the outstanding balance as per the table below. Normal M-PESA transaction charges will apply.
| 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 |
Once you receive an overdraft, you have to pay it within 90 days or you will be in default. This will however be restored on full repayment of your Fuliza balance.
The number of times one can access fuliza will be determined by the history of customer’s M-Pesa transactions.
Safaricom has launched Fuliza in partnership with Commercial Bank of Africa and Kenya Commercial Bank.