Kenya’s largest privately owned bank Commercial Bank of Africa (CBA) in partnership with Safaricom are pleased to announce the launch of a new feature on the M-PESA wallet dubbedFULIZA, to complement the existing 30-day term loan, currently offered as M-Shwari.
This new service is designed to help the customer complete M-PESA transactions that would have otherwise failed or postponed due to insufficient funds. This new credit solution, further promotes our strategic agenda for a cashless economy that is more efficient with clear advantages and incentives to the consumer for making payments digitally.
With Fuliza, a customer who’s Send Money and Lipa na M-PESA transaction (Buy goods and Pay bill) value is greater than their M-PESA wallet balance, can complete the transaction with the benefit of the Fuliza limit for an Access fee of 1%.
A maintenance fee of between Ksh.2- Ksh.30 per day is then applied each day that the wallet remains overdrawn. Whenever you receive an inflow into your M-PESA wallet, the over drawn position is regularized. During this period that your M-PESA wallet is overdrawn, one shall still have access to their M-Shwari limit.
Fuliza is targeted at all Safaricom M-PESA customers that have been active for at least the past 6 months and maintain a good M-Shwari credit performance history. The service will be offered on the M-PESA Sim Toolkit (STK) Application and My Safaricom App. To subscribe (opt-in) to this service, a customer shall dial *234*0# and agree to the presented Fuliza Terms and Conditions. One does not necessarily have to be an existing M-Shwari customer in order to opt in to this service. Fuliza is available for Send Money and Lipa na M-PESA transactions.
Fuliza comes on the back of success on M-Shwari which was introduced on November 27, 2012, and so far has over 25 million customers (59% male and 41% female). We are committed to expanding digital inclusion and access to credit particularly amongst the youth and small enterprises. These 2 offerings require the customer to behave responsibly and repay their loans in time to maintain access to either Fuliza or M-Shwari.