To help its M-PESA customers make purchases when they don’t have enough money in their account, Safaricom offers a continuous overdraft service called FULIZA. The FULIZA’s M-PESA overdraft service is available to customers who are registered M-PESA users with a valid Safaricom M-PESA line. And in order to make use of the overdraft service, customers will have to opt-in. Here, we’ll cover how to tap into the FULIZA loan M-Pesa feature.
Eligibility for FULIZA
Please note the following eligibility points for the overdraft service:
- While anyone who has activated M-PESA with a national ID, Kenyan passport, or Military ID can use FULIZA, not everyone who activates FULIZA will be approved for a loan immediately.
- Accounts on M-PESA created with a non-Kenya passport will not be able to activate the overdraft service.
- After signing up, you’ll be given a limit that determines how much of an overdraft you can access.
Follow these steps to get started with the loan service:
- Dial *334#/*234#
- Select Loans and Savings then navigate to FULIZA
- Opt-in to access the amount limit you have been given.
Other notes about the loan service
Here are other points to bear in mind regarding FULIZA:
- As long as it doesn’t go over their allotted amount, customers can make as many FULIZA loan requests as they like.
- A user can send funds to both verified and unverified recipients from the loan.
- Customers using the loan feature can use it to pay to Lipa Na M-PESA, buy goods and paybill, buy airtime for themselves and other via USSD or M-PESA APP
- There is an initial 1% entry cost, and then a daily maintenance fee of 1% beginning at 00.00 hours the next day.
- The access cost paid by a Customer additionally includes an excise levy of 20%. Customers who use the M-Pesa loan service and repay before the next day at 00.00hrs will only be required to pay the access fee and maintenance on the outstanding amount.
What’s the FULIZA limit?
A FULIZA limit will be assigned to a customer who has been using the network for at least six months depending on the usage of their line at the time of activation. Those who have been using the service for less than six months will have no access to using the overdraft services.
Meanwhile, when you eventually have access to the loan feature, your first borrowing limit may be pretty low. So to increase your overdraft limit, you must maintain active use of Safaricom and M-PESA services, as well as timely repayment of your FULIZA M-PESA facility through M-PESA top-ups.
Keep in mind that your FULIZA limit can go up or down depending on how much you borrow and how quickly you pay it back.