Monday, January 07, 2019

Fuliza Mpesa Loan

    January 07, 2019   6 comments

Fuliza Mpesa loan Kenya


Fuliza Mpesa loan is a form of overdraft by Kenya's largest telco Safaricom and it's mshwari partner Commercial Bank of Africa (CBA).

The service first mentioned late last year by Safaricom is now operational and available to Mpesa users who choose to opt in and enjoy the benefits of this 'okoa loan' which I predicted sometimes back.

Read it Safaricom Okoa Mpesa Loans

This is the invitation sms from Fuliza I received;

Dear customer, Fuliza M-PESA is a new service by Safaricom to help you send money and Lipa na M-PESA when you have insufficient funds. Dial *234# to opt in

What's Fuliza

It's an overdraft service or simply Okoa Mpesa loan which allows mpesa users to send money to friends and relatives or pay for services through  Lipa na Mpesa with less or zero mpesa account balance.

Getting Started with Fuliza

You need to be an Mpesa user. With or without a smartphone you can still join fuliza by dialling *234# and select FULIZA. Proceed to accept the terms and conditions and finally register.

This is the sms I got after a successful opt in;

Dear MWABAYA, you have successfully opted into Fuliza M-PESA. Enjoy limit of Ksh 7000.00 at an Access fee of 1% and a daily fee of Kshs 0-30 on outstanding balance.
My start limit was ksh7000. This means I can send money to friends and relatives or use Lipa na Mpesa to get services worth 7k below my current Mpesa account balance.

Fuliza Loan Rates and Fees

The loan comes with an access fee of 1% of the overdraft and a daily fee of ksh 1. If you'll repay the loan after 30 days you'll have to add ksh30 as the daily fee.If you repay the same day after getting the overdraft you'll pay nil daily fee.

Withdrawing Fuliza Mpesa loan 

Actually you can't withdraw this money directly from your Mpesa account as of now. You can get this money if you'll send it to a friend or relative and then ask them to withdraw that cash from an Mpesa agent and hand it back to you.

The intended use however is 'emergency' like  paying for items or services through Lipa na Mpesa even if your Mpesa balance is low or nil.

Repay Fuliza Loan 

Safaricom will be doing direct deductions from deposits into your Mpesa account till the fuliza overdraft is fully settled.
Fuliza Loan must be fully paid after 30days. If the loan remains unpaid for more than 90days, you'll be negatively listed (blacklisted) with the Credit Reference Bureau (CRB).

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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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