Safaricom which is the largest mobile money service in Kenya by revenue and transaction volume has introduced an awesome money lending service known as Fuliza.
The minimum requirements for one to use Mpesa Fuliza facility are:
- Must be at least 18 years old
- Must be a registered and active Mpesa subscriber for a period of not less than 6 months
The service was rolled out on 5th November and it will be accessed through sim toolkit or MyMpesaApp.
How yo use Fuliza
Fuliza enables Mpesa customers to Pay for Products through Lipa Na Mpesa on Loan and settle the loan later. Fuliza is just the Okoa Jahazi of Lipa Na Mpesa.
For example if you paying a bill worth Ksh 4,000 and only have Kes.1,000 on M-Pesa, you can get the overdraft and the payment will be made seamlessly. You will then be required to pay back the overdraft facilitated. Just like M-Shwari, Fuliza will have a limit as to how much one can borrow.
The amount one can borrow through Fuliza depends on the credit score card of the user. The facility term is 90 calendar days from the time of the amount borrowed is granted.
In order to facilitate this service Safaricom has partnered with KCB and Commercial Bank of Africa (CBA).
Fuliza interest rates
One is supposed to maintain an mpesa account at 60% of the Overdraft limit for a period of 30 days.
Fuliza will attract a daily charge of 0.5% of the borrowing as a top-up to enable M-Pesa customers complete transactions. This means that one will have to pay the due balance quickly before it accumulates.