Fuliza MPESA is a new service which allows M-PESA customers to complete their M-PESA transactions when they have insufficient funds in their account . it works differently unlike mshwari, Tala , Branch , Timiza and other lending facilities
HOW TO USE FULIZA MPESA
What are the requirements and how do I activate Fuliza M-PESA Service? –
You need to be an M-PESA registered customers with an active Safaricom line. Dial *234# and select Fuliza M-PESA to opt in.
How many accounts can I hold for Fuliza M-PESA services? –
Every M-PESA registered line will be treated as a different account. Each mobile number will qualify for Fuliza M-PESA and will be awarded a limit. This limit will be reviewed every 3 months depending on your usage.
How will I know my Fuliza loan account details? –
Dial *234# and Select Fuliza M-PESA to 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.
Which M-PESA transactions can I complete using Fuliza M-PESA? –
Lipa Na M-PESA: Buy goods and Paybill as well as Send money
HOW TO WITHDRAW FROM FULIZA
Can I withdraw money from Fuliza? –
No, you cannot withdraw funds from Fuliza M-PESA but you can send money or use lipa na mpesa
Will I get money reversed if I send/pay to a wrong number/till and had used Fuliza M-PESA? –
M-PESA reversal process applies as long as the recipient has not utilized the funds. You can also initiate reversal by sending the M-PESA SMS to 456
NB: Transactional charges will not the reversed.
FULIZA LOAN LATE REPAYMENT
Are there any Penalties for late repayment? –
You will not have access to your Fuliza M-PESA limit if you have any unpaid balance after day 30. This will however be restored on full repayment of your Fuliza balance.
FULIZA LOAN INTEREST / FEES
“Fees” means the Fees applicable for the Services and include
(a)A facility fuliza loan interest fee of 1.083% of the Facility;and(b)A daily administrative fee (as per our prescribed tariff)up to a maximum of Thirty (30) Kenya Shillings per day for each day your Facility remains unpaid during the Facility Term;
Band Tariff Promotional Tariff for 30 day from launch
0-100 One-time fee of KES
101-500 KES 5 per day
501-1000 KES 10 per day
1001-1500 KES 20 per day
1501-2500 KES 25 per day
2501-70000 KES 30 per day
DIFFERENCE BETWEEN FULIZA AND MSHWARI LOAN
As mentioned, Fuliza is not a loan product unlike mshwari but an overdraft facility. it is a continuous overdraft service that allows you to complete M-PESA transactions when you have insufficient funds.
Once activated via USSD code, it automatically kicks if they fall short of funds when using Lipa Na M-PESA services or sending cash. Users, however, cannot withdraw from Fuliza.
FULIZA MPESA LOAN REPAYMENT
When you opt into the service, you give them the powers to recover the overdraft plus fees from your M-PESA account. Safaricom will automatically deduct the amount due from funds deposited or received into your MPESA wallet until the overdraft is cleared in full. You are not allowed to terminate your phone number when you have an outstanding amount when you accept the terms and conditions.
The priority of deduction will be first in repayment of all fees, then the repayment of the overdraft facility. The fees are inclusive of all applicable taxes that include VAT. They will show a breakdown of these fees in your full statement and mini statement.
You also need to maintain your M-PESA account at an average of at least 60% of your overdraw limit over a period of 30 days.