Safaricom’s M-PESA overdraft facility, Fuliza, has grown since its launch in 2019. It is now a key way to get mobile loans for everyday use.
The loan facility enables M-Pesa customers to use the funds to pay bills or buy goods and services. Fuliza enables M-PESA customers to complete your M-PESA transactions when they have insufficient funds in their M-PESA account. They can access funds multiple times as long as they are within their Fuliza limit.
Here is how to get loan from Safaricom Fuliza.
1. Signing up
You can sign up by going to the MySafaricom app and opting in under the Fuliza tab in M-Pesa. You can also sign up via USSD by dialing *243# .
Additionally, you must be 18 years old and above and have been a M-PESA customer for 6 months.
2. Overdraft
Once you sign up for the service, you will receive a confirmation message that has the overdraft limit. If the confirmation message does not have a limit then you may need to transact a bit before you can get an overdraft facility.
3. Charges
The charges for the overdraft are a 1% access fee and a maintenance fee on the outstanding balance as per the table below. This means that the sooner you pay for it the better if you don’t want to pay expensive charges.
| Tariff Band | Daily Maintenance Fee (Ksh.) |
| 1 – 100 | 0.00 |
| 101 – 500 | Free for first 3 days
2.50 after |
| 501 – 1,000 | Free for first 3 days
5.00 after |
| 1,001 – 1500 | 18 |
| 1,501 – 2,500 | 20 |
| 2,501 – 70,000 | 25 |
4. Repayment
Once you receive an overdraft, you have to pay it within 90 days or you will be in default. When you sign up, you give Safaricom the power to recover the overdraft plus any accrued fees from your M-PESA account until such a time it is fully paid. .