Fuliza Mpesa is a service offered to Mpesa users after registering to the service to help complete M-Pesa transactions even if there is insufficient money in their Mpesa account. Despite many M Pesa users registering, few are aware of the Fuliza Mpesa daily charges.
Like any other Safaricom product, there are charges incurred when you use Fuliza to complete your transaction.
The idea of introducing Fuliza, according to Safaricom, was to make it possible to complete any transactions that fail daily due to lack of enough funds in their Mpesa users account.
It was also an opportunity for Safaricom to make money from the products.
The Fuliza Mpesa daily charges look quite high compared to its other product charges, such as M-Shwari or KCB Mpesa.
However, the argument is that Fuliza is not a loan product but overdraft, which is due anytime you deposit money into your Mpesa account.
The daily charges serve as profit for rendering you the money even if it is for a short period, such as one day.
Safaricom is the only Mobile money transfer company offering overdraft, which makes its services stand out.
If you don’t have adequate money to carry out a transaction, Fuliza is an ideal option.
But before opting into the service here, what you need to know about charges:
How Much Is Fuliza Mpesa Daily Charges?
There are two levels of charges you incur every time you use Fuliza Mpesa. The first one is a one-off interest rate of 1.083% on every transaction, and the second fee is a daily administrative fee according to the amount you have used within the set limit.
For instance, if your Fuliza overdraft limit is 200 shillings, it will be charged 2 shillings a one-off interest rate and 5 shillings daily until you repay the overdraft.
To make it simple, Safaricom set out Fuliza Charges tariff according to the amount you use within your set limit.
When you take a Fuliza M-Pesa loan, Safaricom will charge you a one-time fee of 1.083% of the loan amount.
That is just the interest rate on the amount you borrowed.
Apart from that, there are also daily charges that are deducted from the outstanding balance.
The table below represents the Fuliza Mpesa daily charges:
|Fuliza Amount||Daily Charges|
|0 - 100||One Time Charge Of Kshs 2|
|101 - 500||Kshs 5 per day|
|501 - 1000||Kshs 10 per day|
|1001 - 1500||Kshs 20 per day|
|1501 - 2500||Kshs 25 per day|
|2501 - 70000||Kshs 30 per day|
Remember, failure to repay the Fuliza overdraft within 30 days will limit access to the service.
If you default to repay the Fuliza according to the terms and conditions you agreed to while registering for the service, Safaricom has the right to take any necessary measures to recover the amounts you owe them.
The measures in place include transferring your details to an independent debt collection agency to recoup the money you have defaulted.
To avoid paying high-interest, payments deposit money to your account as soon as possible.
The Fuliza repayment is automatic as soon as you deposit money into your Mpesa account. According to Safaricom, they can revise the daily charges anytime need be.
It is imperative to take time and read the terms and conditions before using Fuliza loans. Don’t overlook them to avoid going contrary to something you agreed will adhere.
Read also: How To Calculate M-Pesa Commission.
How Do I Fuliza With Mpesa?
Here is how to Fuliza with Mpesa in Kenya:
- Register for the Fuliza M-Pesa service
- Dial *234# on your Safaricom Mpesa line.
- A new dialogue box will appear.
- Select “Fuliza” from the options.
- Choose the Fuliza loan option you want.
That is how to Fuliza with Safaricom M-Pesa in Kenya.
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