FEATURED STORY

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

Share
Fuliza
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.
Share

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]

Follow Us

Related Articles
Data protection
FEATURED STORY

Why Protecting Your Data is Key in Kenya’s Digital Era

Data protection and privacy in Kenya is enshrined in the Constitution, under...

Computer
FEATURED STORY

List Of Computer Misuse Offenses That Could Land You In Trouble With Govt

The advent of the internet is one of the greatest invention of...

The Origins of Commercial Banking in Kenya
ECONOMYFEATURED STORY

The Origins of Commercial Banking in Kenya

Kenya is rich in type, number and sophistication of financial institutions. The...

What to Know about President Ruto’s Planned Nationwide Livestock Vaccination Programme
FEATURED STORYNEWS

What to Know about President Ruto’s Planned Nationwide Livestock Vaccination Programme

The nationwide livestock vaccination programme “against diseases,” planned for January next year,...