Nairobi — Commercial Bank of Africa has partnered with Safaricom to launch a new feature on the M-PESA wallet dubbed Fuliza, to complement the existing 30-day term loan, currently offered as M-Shwari.
CBA Group Managing Director Isaac Awuondo says this feature is aimed at solving the current rate of failed mobile money transactions performed daily due to insufficient funds.
Fuliza is targeted at all Safaricom’s M-PESA customers that have been active for at least the past six months and maintain a good M-Shwari credit performance history.
"Our continued collaboration with Safaricom aims to drive financial inclusion in a digital economy. With our technological innovation and responsible lending principles, we will advertently bring more people into the financial system, encourage more transactions, more savings and, ultimately achieve stronger economic growth," said Awuondo.
With Fuliza, a customer whose 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 0.5 per cent.
A maintenance fee of 0.5 per cent 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.
The service will be offered on the M-PESA Sim Toolkit Application and My Safaricom App.
To subscribe to this service, a customer shall dial *234# 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. Once you have opted in, proceed to perform Lipa na M-PESA transactions.
