Fuliza is a new service from Mpesa which allows customers to complete their M-PESA transactions when they have insufficient funds in their M-PESA account. The service went live on January 5th after approval by the Central Bank Of Kenya. The overdraft service which is powered by CBA and KCB and can be accessed through USSD *234# or through the mySafaricom app.
How to Activate Fuliza
First, you need to be a registered Mpesa customer with an active Safaricom line. Dial *234# on your phone and then select Fuliza M-PESA
Upon opting into the Service, you will receive a confirmation message bearing your Overdraw Limit.
How To Check Fuliza M-PESA account details
Simply dial *234# and select Fuliza M-PESA to check your limit, balance, mini statement and an opt-out option. Every time you transact using Fuliza, you will receive an SMS with the outstanding Fuliza amount.
Whenever you have insufficient funds when making a transaction, a Fuliza message will pop up asking if they should proceed with the transaction.
If you are using an iPhone you will notice that the Fuliza pop up disappears very fast before you key in option 1 for yes, to solve this, adjust the Network Mode from 4G to 3G and try again.
Fuliza Mpesa Rates
You will be charged an interest rate of 1% per day and a maintenance fee on the outstanding balance as highlighted below.
Tariff (per day)
One-time fee of Ksh 2
Continue using Safaricom and M-PESA services frequently and repay Fuliza M-PESA on time to increase your Fuliza limit. This service is limited to Buy goods, Paybill and Send money. Its also good to note that you cannot withdraw funds from Fuliza Mpesa.
Fuliza Mpesa Penalties
If you have any unpaid balance after day 30, you will not have access to your Fuliza Mpesa limit until you have repaid the balance. If the balance exceeds 90 days, your information will be forwarded to credit reference bureaus for listing as
required under the Banking Act.