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Fuliza M-Pesa to the rescue of users with insufficient funds

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M-PESA Services as displayed on a phone's interface. Communications Authority of Kenya (CA) statistics show M-PESA Business to Business Transfers Hit 878bn in the three months ended March 2020.
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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.

READ: LOSING MONEY CAN INCREASE HEART DISEASE- EVEN TO THE YOUNG

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: SAFARICOM TRANSACTS THREE-QUARTERS OF THE SHARES TRADED AT NSE

Written by
Brenda Gamonde

Brenda Gamonde is reporter with Business Today. Email: [email protected]

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