It is only natural for a human being to borrow some instant financial help in hard times. This enables us to get some money to help us through some difficult times. Most of these money lending institutions charge high interest rates on repayment of the loans. In Fuliza repayment, Safaricom M-Pesa will subtract their money with a little interest at the moment when one deposits money into the M-Pesa account. Fuliza came about when the Safaricom Company came across something that amazed them and decided to create Fuliza; though there were many failed M-Pesa transactions due to lack of funds, there were 58% that concluded their failed transactions in 2 days. This made Fuliza to be the only mobile lending money service at the time.

Fuliza is a service offered by Safaricom as an annex of credit lending to its customers when their M-Pesa account is at nil. This service allows customers to withdraw more money even if the account is at zero or has inadequate funds to foot a certain amount of withdrawal by the Safaricom M-pesa customer. Fuliza has helped the customers to comprehensively conclude their transactions. This Fuliza overdraft is a continuous service that is offered by Safaricom M-Pesa though it is a Kenya Commercial Bank initiative.

Requirements needed in order to Fuliza.

  1. Registration- for a Fuliza loan, one must have a Safaricom line that is active and working. The Safaricom customer must be registered M-Pesa client.
  2. Line activation- The line must have at least been active for the last 6months in order to be granted Fuliza.
  3. This will guarantee one a Fuliza loan by dialing *234# and selecting Fuliza M-Pesa to inquire for credit. On the other hand, one might prefer to opt into Fuliza service through the Safaricom App and will access the M-Pesa tab where the customer will select Fuliza M-Pesa to get the credit service.

Fuliza interest charges.

There are small fees that Fuliza charges its clients that one should know before getting Fuliza credit. Fuliza access fee stands at 1% which is very little compared to most of the overdraft services in the country. The access fee is usually a one-off fee then one is required to pay a maintenance fee of which ranges from Kenya shillings 2-30 in a day after withdrawal of Fuliza overdraft.

Interests on Fuliza credit.

Ksh. 0 – 100Ksh. 2 daily
Ksh. 101-500Ksh. 5 daily
Ksh. 501-1,000Ksh. 10 daily
Ksh. 1001-1,500Ksh. 20 daily
Ksh. 1501-2,500Ksh. 25 daily
Ksh. 2501-70,000Ksh. 30 daily

Though Fuliza is a continuous credit service which one is eligible depending on their accounts activeness, it has limits just like every other thing in life. Even though Fuliza credits its customers based on their accounts, it has a limit of 70,000 Kenya Shillings. The M-Pesa account is always reviewed after every 3 months through the M-Pesa app.

In order for one to grow their Fuliza amount, one has to continue with using Safaricom and, M-Pesa services frequently and also repaying their Fuliza credits within the time specified; which is 30 days after being granted Fuliza.

Fuliza is a very important piece on everyday institution on lending money institutions in the country but still has some downside in case one is not able to pay the amount within the specified duration or its limitations. Its limitation is only that it is only given to complete the clients transaction. The customer can only access this money by “Lipa na M-Pesa to Pay bills and Till Numbers and only sending money but the client can’t get the money in cash.”

Fuliza is a service that Safaricom brought to the customers in order to better our lives and so far it has done so. This can be seen if one can imagine using a service or a product knowing his or her M-Pesa balance is sufficient to pay for that and to their surprise, it is not. This would bring such an embarrassing moment ending to the hands of the law. Though it has some disadvantages, the advantages outweigh them. Fuliza is one of the “Apps of the Century that should be used wisely and in a responsible manner”.



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