Safaricom is at it again, after launching so many mobile based monetary facilities. The telephone company has launched yet another. Fuliza, an overdraft facility on M-Pesa that allows M-Pesa customers access to overdraw on their account and allow them to complete transactions despite current funds being insufficient.
Fuliza was conceptualized by the fact that 58% of M-Pesa transactions fail due to insufficient funds. However, this service will only apply to Lipa na M-Pesa transactions, i.e., PayBill and Buy Goods.
M-Pesa users can access Fuliza through USSD *243# or through the mySafaricom app. Once signed up, whenever making a payment and the balance is insufficient, the overdraft will automatically be applied and the payment will go through seamlessly. You will then be required to pay back the overdraft facilitated to you in 90 days at a facility fee of 0.5% of the outstanding balance per day.
