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:Â 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:Â SAFARICOM TRANSACTS THREE-QUARTERS OF THE SHARES TRADED AT NSE
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[…] Fuliza M-Pesa enables users with insufficient funds finish transactions […]
[…] READ:Â FULIZA M-PESA ENABLES USERS WITH INSUFFICIENT FUNDS FINISH TRANSACTIONS […]
[…] Fuliza, as an overdraft, has first priority on all my M-Pesa deposits, and thus, the others can only watch from the sidelines. And wait for their turn. Challenge is, there’s not enough money to go around. As it is, we are ‘hustling’ to make ends meet and are barely surviving. […]