Safaricom has rolled out Fuliza M-Pesa service, an innovation that allows M-Pesa customers to complete their transactions when they have insufficient funds in their SIM accounts.
Fuliza, an overdraft facility was launched over the weekend after a successful pilot program carried out in November last year.
The latest innovation by the mobile financial services provider to its 24.2 million users offers overdraft with a minimum of Sh1 and a maximum of Sh70,000 in the transactions.
Fuliza M-Pesa which can be used as many times as possible within the allocated limit attracts a daily maintenance fee of 0.5 percent and 1 percent one-off access fee of the borrowing.
The innovation set-up in partnership with Kenya Commercial Bank (KCB) and Commercial Bank of Africa(CBA) seeks to generate more revenue for Safaricom.
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Transactions of Lipa Na M-Pesa: Paybill and Buy goods and services as well as send money can be used with Fuliza.
However, a user cannot withdraw funds from Fuliza M-pesa.
SEE ALSO:Â SAFARICOM TRANSACTS THREE-QUARTERS OF THE SHARES TRADED AT NSE
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