How to get Fuliza loan
Before we get into details of how to get Fuliza Mpesa loan, lets first get to know the basics of this new service by Safaricom and CBA.
What is Fuliza MPESA?
Fuliza is basically an overdraft service ‘loan’ that allows MPESA customers to complete their MPESA transactions even if they have insufficient funds in their MPESA accounts. This service is a product that Safaricom introduced to the Kenyan market in partnership with CBA Bank towards the end of the year 2018 and fully rolled it out in January 2019.
What are the requirements and how do I activate Fuliza MPESA Service?
In order to use this service and get money from fuliza, you need to do the following:
- You must be a registered MPESA customers with an active Safaricom line.
- You need to Dial *234# and select Fuliza MPESA to opt in or
- Use MySafaricom App to opt it by tapping Fuliza icon as shown below
How many accounts can I hold for Fuliza MPESA services?
Safaricom treats every registered MPESA line as unique account. Each mobile number qualifies for Fuliza MPESA and is automatically awarded a Fuliza limit. Depending on your Mpesa usage Fuliza limits may over time as Safaricom reviews this limit every 3 months.
How do I know my Fuliza MPESA account details?
Just dial *234# and Select Fuliza MPESA to check your limit, balance, get mini statement and opt out option. You will get an sms with remaining Fuliza balance each time you transact using Fuliza.
How many times can I use Fuliza MPESA?
As long as you are within your allocated Fuliza MPESA limit, you can use Fuliza as many times as you wish.
Which M-PESA transactions can I complete using Fuliza MPESA?
The services that Fuliza is applicable are:
- Lipa Na M-PESA:
- Buy goods and Paybill
- As well as Send money
How do I use / utilize my Fuliza limit?
You can use Fuliza MPESA any time you have insufficient funds in your Mpesa account. Fuliza will will gice an overdraft to cover the deficient amount. Just carry out your normal MPESA transactions and this service will come in handy when you have a shortage.
How do I grow my Fuliza MPESA limit?
The secret to growing your Fuliza Mpesa Limit is by continuing using your Safaricom line and MPESA services frequently and repaying Fuliza MPESA ‘loan’ on time by depositing money to your MPESA account.
Can I withdraw money from Fuliza?
Well, the matter of fact is, No, funds from Fuliza MPESA cannot withdrawn. Therefore, to answer the people who have been asking how to withdraw from fuliza, you simply can’t withdraw money from fuliza. You can only send as an overdraft.
How much will I be charged for using Fuliza MPESA?
You will be charged 1% access fee and a maintenance fee on the outstanding balance as per below table. Normal M-PESA transaction charges apply.
|Band||Tariff||Promotional Tariff for 30 day from launch|
|0 -100||One-time fee of Ksh 2||One-time fee of Ksh 0|
|101-500||Ksh 5 per day|
|501-1000||Ksh 10 per day|
|1001-1500||Ksh 20 per day|
|1501-2500||Ksh 25 per day|
|2501-70000||Ksh 30 per day|
How do I repay my Fuliza MPESA?
What is the minimum and maximum amount I can send using Fuliza MPESA?
MPESA limits apply as below;
- Transaction limits 1- 70,000/=
Will I get money reversed if I send/pay to a wrong number/till and had used Fuliza MPESA?
Yes, you can get your money reversed as long as the recipient has not utilized the funds. All you need to do is to initiate a reversal by sending the MPESA SMS to 456
Please note that Transnational charges will not the reversed.
Is Fuliza M-PESA a loan product?
No it iss not. The service is a continuous overdraft service that allows you to complete MPESA transactions when you have insufficient funds.
Are there any Penalties for late repayment?
Yes you will not have access to your Fuliza M-PESA limit if you have any unpaid balance after day 30. This will however be restored on full repayment of your Fuliza balance.