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.
Summary of Topics
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)
Fuliza will attract a daily charge of 0.5% of the borrowing as a top-up to enable M-Pesa customers complete transactions (More information about interest rate will be updated)
How To Use 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.
Do not miss all our latest updates about Fuliza Lending