Fuliza loan is a loan product offered by Safaricom, a leading mobile network operator in Kenya. It is designed to help Safaricom’s customers bridge the gap between their mobile money balance and the amount of money they need to complete a transaction. Essentially, Fuliza allows customers to complete a transaction even if they do not have enough money in their mobile money account by providing them with a short-term loan.
Fuliza loans are automatically triggered when a Safaricom customer tries to make a payment using their mobile money account and does not have enough funds to cover the entire transaction. The loan amount is determined by the shortfall, and it is automatically repaid by deducting the principal plus an interest fee from the customer’s mobile money account balance when they make a deposit or receive funds in their mobile money account.
Fuliza loans are designed to be short-term loans and typically have a repayment period of up to 30 days. The interest rate charged on Fuliza loans is relatively high compared to other types of loans, but it is a convenient option for customers who need to complete transactions quickly and do not have access to other forms of credit.
It is important to note that Fuliza is only available to Safaricom customers who are registered for the mobile money service, M-PESA. To apply for Fuliza, a customer must have been an active M-PESA user for at least six months and have a good repayment history.
Fuliza is like a bank overdraft and is a product of NCBA Bank that is offered through Safaricom’s M-Pesa platform.
How Can I use Fuliza?
You can use the Fuliza loans service however you want subject to your set limit. The limit varies according to your M-Pesa usage as well as the terms and conditions of Safaricom.
You can use the Fuliza service to send money to registered and unregistered M-Pesa users. Moreover, you can make any payments through the “Lipa na M-Pesa” avenue.
It is important to note that even though you can make payments and send money with Fuliza, you can’t withdraw the Fuliza funds.
How to Access Fuliza Loans
To gain access to a Fuliza loan, you need to first have a Safaricom sim card holder as well as a registered M-Pesa user. Moreover, the line needs to have been used for six months.
Dial *234# to start using Fuliza
Fuliza is available to all M-PESA customers, however, the awarding of limits will depend on your credit viability and how long you have been using M-PESA.
To repay your Fuliza simply deposit cash to your M-PESA or receive M-PESA and your Fuliza balance will be deducted automatically.
To register for Fuliza simply dial *234# and select Fuliza. You need to be an M-PESA registered customer with an active Safaricom line.
Fuliza Loan Repayment
Fuliza loans are automatically repaid by deducting the principal loan amount and an interest fee from the customer’s mobile money account balance. The loan repayment is done automatically when the customer makes a deposit or receives funds in their mobile money account.
The repayment process works in the following way:
- When a customer makes a payment or a transaction using M-PESA, and they do not have enough funds in their account to cover the full amount, Fuliza will automatically provide a loan to cover the shortfall.
- The loan amount, including the interest fee, will be deducted from the customer’s mobile money account balance the next time they make a deposit or receive funds in their account.
- The repayment amount will be automatically deducted from the customer’s mobile money account balance until the loan and interest fee are fully repaid.
It is essential to note that Fuliza loans have a short repayment period of up to 30 days, and failure to repay the loan on time may attract additional fees and penalties. Customers can check their loan balance and repayment status by dialing *234# and selecting the Fuliza M-PESA option.
In summary, Fuliza loans are repaid automatically, and customers do not need to make manual payments. The loan amount and interest fee are deducted from the customer’s mobile money account balance when they make a deposit or receive funds in their account until the loan is fully repaid.
Terms and conditions of the fees apply.
Interest and Service Fees
Fuliza loans come with an interest fee and a daily service fee. The interest fee is charged based on the loan amount, while the daily service fee is charged for the number of days the loan is outstanding.
The interest fee for Fuliza loans is 1.083% per month, which is equivalent to an annual percentage rate (APR) of 13%. The interest is charged on the outstanding loan balance and is calculated based on the number of days the loan is outstanding.
The daily service fee for Fuliza loans is 0.5% of the outstanding loan balance. The service fee is charged every day that the loan is outstanding, and it is capped at a maximum of Kshs.30 per day.
It is important to note that Fuliza loans are designed to be short-term loans, and the interest and service fees can add up quickly if the loan is not repaid promptly. Therefore, it is advisable to only take out Fuliza loans when necessary and repay them as soon as possible to avoid accruing additional fees and penalties.
Customers can check their Fuliza loan balance, outstanding interest, and service fees by dialing *234# and selecting the Fuliza M-PESA option.
These Are Safaricom Fuliza Charges
You will be charged a 1% access fee and a maintenance fee on the outstanding balance as per the table below. Normal M-PESA transaction charges apply
| Band (KES) | Tariff (per day) | Promotional Tariff for 30 days from launch |
| 0-100 | KES 2.4 | One-time fee of KES 0 |
| 101-500 | KES 6 | |
| 501-1000 | KES 12 | |
| 1001-1500 | KES 26 | |
| 1501-2500 | KES 30 | |
| 2501-70000 | KES 36 |
Fuliza Loan Interest Rates
Safaricom will charge standard M-PESA fees when you use fuliza. Additionally, you will be charged a maintenance and access fee of 1% on the outstanding Fuliza balance.
Below are the interest and service fees charged when using fuliza:
| Amount (Ksh) | Tariff Rate (Ksh) |
| 0 – 100 | One-time fee of 2 |
| 101 – 500 | 5 per day |
| 501 – 1000 | 10 per day |
| 1001 – 1500 | 20 per day |
| 1501 – 2500 | 25 per day |
| 2501 – 70000 | 30 per day |
How To Pay Fuliza Loan For Another Number
It is possible to repay a Fuliza loan on behalf of another Safaricom customer’s mobile money account. Here is how you can do it:
- Dial *234# on your Safaricom line.
- Select the Fuliza M-PESA option.
- Choose the “Repay Fuliza” option.
- Enter the phone number of the Safaricom customer whose Fuliza loan you want to repay.
- Enter the amount you want to repay.
- Confirm the details, and then enter your M-PESA PIN to complete the transaction.
Once you have completed the repayment process, the loan amount and any outstanding interest and service fees will be deducted from the Safaricom customer’s mobile money account balance, and the loan will be considered fully repaid.
It is important to note that before you can repay another customer’s Fuliza loan, you must have sufficient funds in your own M-PESA account to cover the repayment amount.
Additionally, you should ensure that you have entered
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