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You can easily access Safaricom’s overdraft service called Fuliza which allows MPesa users to make purchases even when they don’t have enough funds in their account.
In this article, we will dive into how to tap into the Fuliza loan M-PESA feature and reveal important eligibility criteria.
Eligibility Requirements for Fuliza
While activating M-PESA with a national ID, Kenyan passport, or Passport grants access to Fuliza, not all users who activate the service will be immediately approved for a loan.
Upon sign-up, users will be assigned a limit that determines the amount they can access through Fuliza.
How to Access Fuliza
To take advantage of this innovative loan service, follow these simple steps:
- Dial *334# or *234# on your mobile device.
- Select “Loans and Savings” from the menu.
- Navigate to the Fuliza option.
- Opt-in to access the predetermined amount limit assigned to you.
Key Points about FULIZA
Here are some important things to keep in mind regarding the Fuliza overdraft service:
- Customers can make unlimited Fuliza loan requests as long as they stay within their allotted amount.
- The loan feature allows users to send funds to both verified and unverified recipients.
- Customers can utilize Fuliza to make payments for Lipa Na M-PESA, buy goods and pay bills, and even purchase airtime for themselves and others using USSD or the M-PESA app.
- Upon signing up, there is an initial 1% entry cost and a daily maintenance fee of 1% that starts at 00:00 hours the following day.
- The access cost paid by customers includes an additional excise levy of 20%. However, those who repay the M-PESA loan before 00:00 hours the next day will only be required to pay the access fee and maintenance on the outstanding amount.
Understanding the Fuliza Limit
The Fuliza limit assigned to a customer is based on their usage of the M-PESA network over a minimum period of six months.
New users with less than six months of service will not have access to the overdraft services initially.
It is important to note that the borrowing limit may be initially low, but users can increase their overdraft limit by actively utilizing Safaricom and M-PESA services and making timely repayments of their Fuliza Mpesa facility through M-PESA top-ups.
Remember, your FULIZA limit can fluctuate depending on your borrowing habits and repayment speed.