Safaricom has partnered with Commercial Bank of Africa to launch a new M-Pesa feature dubbed Fuliza, which is set to complement the existing 30-day term loan, currently offered as M-Shwari.
The facility will allow customers to complete transactions even with insufficient balance in their M-Pesa wallet.
Fuliza is aimed at solving the current rate of failed mobile money transactions performed daily due to insufficient funds which currently stands at 58 percent.
“Our continued collaboration with Safaricom aims to drive financial inclusion in a digital economy. With our technological innovation and responsible lending principles, we will advertently bring more people into the financial system, encourage more transactions, more savings and, ultimately achieve stronger economic growth,” Isaac Awuondo, CBA Group Managing Director said.
This feature will enable a customer whose Lipa na M-PESA transaction (Buy goods and Pay bill) value is greater than their M-PESA wallet balance, to complete transaction with the benefit of the Fuliza limit for an access fee of 0.5 percent.
A maintenance fee of 0.5 percent per day is then applied each day the wallet remains overdrawn. Whenever you receive an inflow into your M-PESA wallet, the overdrawn position is regularised.
During this period that M-Pesa wallet is overdrawn, one shall still have access to their M-Shwari limit.
Fuliza is targeted at all Safaricom’s M-Pesa customers that have been active for at least 6 months and maintain a good M-Shwari credit performance history. The service will be offered on the mobile money application and My Safaricom App.
To subscribe to this service, a customer shall dial *234# and agree to the presented Fuliza Terms and Conditions. One does not necessarily have to be an existing M-Shwari customer in order to opt-in to this service.