How to fuliza guide: Safaricom brings yet another awesome Lipa Mpesa Money Lending service Called Fuliza. Get to understand what it is, how it works, payment method and interest rates.
What is Fuliza?
Fuliza is a Safaricom form of a micro lending business services that enables Mpesa customers to Pay for Products through Lipa Na Mpesa on Loan and settle the loan later. Fuliza is more like Okoa Jahazi of Lipa Na Mpesa.
Safaricom has partnered with KCB and Commercial Bank of Africa (CBA) to facilitate the service.
How Does Fuliza Work?
Fuliza enables Mpesa clients to transact with Lipa na Mpesa even when they don’t have money in their mpesa accounts, a kind of overdraft
For Example, if you want to buy a book worth Ksh. 1,000 but you only have Ksh. 500, you can borrow Ksh. 500 within the limit that you have, just like an ordinary overdraft. There is however a limit as to how much you can borrow.
Fuliza Interest Rates Charges (For Repayment)
You will be charged a 1% one off access fee of what you borrowed and a daily a maintenance fee (as per safaricom prescribed tariff listed below) up to a maximum of Ksh. 30 per day for each day your Facility remains unpaid (this is within the 30 days of repaying period).
- 0-100 (one time fee of ksh. 2)
- 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 To Repay Fuliza Loan?
For Fuliza, any funds available or deposited into your Mpesa account will be used in the repayment of the outstanding Fuliza balance. Repayment is within 30 days from the day you received the money.
How To Fuliza
To get a Fuliza Loan, sign up through Mysafaricom app and then you will see a Fuliza Mpesa option. Click on the tab to take your loan. You will have 90 days to repay failure to which you will default.
How to Activate Fuliza via Code 234
For those without a smartphone, to activate Fuliza dial *234#and select Fuliza M-PESA. All you need is to be a Safaricom customer and registered on M-PESA for a period of 6 months.
How to Withdraw Money from Fuliza Account
You may only use the Fuliza Money in your account to complete mpesa transactions that is ;
- Paying via Lipa Na Mpesa
- Sending money to M-PESA users;
Currently, there is no option of directly withdrawing the fuliza money from your account apart from the two available options above.
Fuliza Default Consequences
If you default in repaying Fuliza money then any money you deposit in your mpesa account will be used to repay it and if you do not have any money in your mpesa account then your name and accounts will be submitted to Credit Reference Bureaus (CRB).
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ksh.8000 was sent through my number and a fuliza amount was deducted and 300 was my new limit, though it was not due date and I accidentally opted out.On opting in again my limit was ksh.0.00,what became the problem?
I have a balance of 0.32 on mpesa but my fuliza limit is 7000 pliz assist the procedure of withdrawing so that I can get that loan
HV tried to use fuliza without success. I activated my fuliza by dialing*234# but whenever I want to send money with my insufficient funds on mpesa to another person its not successful ad yet my limit is 3500.How do you use the fuliza after activating??
I got a emergency can’t pay my fuliza at the moment but I will pay soonest time I get funds thank you.
I want to pay back fuliza money I use which method to pay back though m pesa
I want to pay my fuliza I use which method to pay back
I checked my limit and was Kshs.500 but when I send I get a notification of no insufficient funds…why???
Bad app…if you lend me and we have an agreement to pay on a certain date then why would you collect any money coming into my Mpesa Even though I haven’t defaulted… I don’t like it one bit.
I have a limit of KESH.500, but with Mpesa balance of KESH. 0.25 how do i draw to pay for bills?
What Is Fuliza Business No If I Want To Good?
Got a Fuliza loan 2 days after i paid unfortunately am trying to re apply but it’s not sending the cash yet my loan limit is successful…what could be the problem?
Why is my fuliza balance reducing whenever I try to send money to another message user therefore the transaction is not successful?
for example ur loan limit is 500 den u decide to borrow 350 is there any other fee u add from dat 350 if yes does it remain such untill you pay
Hello, there is a fee of 1% . It does not remain the same. Go to the summary topic number 3 for more information about your question.
Hi my app has no option for fuliza
An alternative method is to Dial *234# and proceed to activate your account to use Fuliza.
How can I withdraw money from Fuliza Account
You can only use the money to pay through Lipa Na Mpesa only or Send money to registered and unregistered M-PESA customers.
Is the fuliza repayment period 30 or 90 days.
30 days