Let’s talk about Fuliza: Fuliza M-Pesa is not a common term in Kenya, except for newborns. Sometimes in life, things can happen, and when you find your life cornered, Fuliza M-pesa can be a lifesaver. Imagine a situation where you want to pay bills, send money to a loved one, or even top up your airtime but are short of cash. Well, in this situation, Fuliza M-pesa comes in. What is Fuliza? It is a short-term overdraft facility for your M-Pesa that gives you top-up cash when you need one. So what is Fuliza, how do I activate it, and what are the fees included? Well, if you have such questions, this article has all the answers to all your lingering questions.
Understanding Fuliza M-Pesa
So, what exactly is Fuliza M-Pesa? In simple terms, think of it as a friend who is willing to lend you money when you need it. Imagine you’re at the grocery store checkout, ready to pay with M-Pesa, but your account balance is a few shillings short. Fuliza M-Pesa acts like a credit line, stepping in to cover the difference and letting you complete your purchase. It’s a financial safety net offered by Safaricom, Kenya’s leading mobile network operator, in collaboration with two Kenyan banks, NCBA and KCB.
Here’s why Fuliza M-Pesa is a popular choice for many Kenyans:
- Easy Access:Â Fuliza M-Pesa is available within your account. This means that you can easily access it without the need to have a third-party application.
- Fast disbursements:Â As long as you are an M-Pesa user and you are eligible, there is no paperwork involved with Fuliza M-Pesa. This means that you can start using it whenever you want to use it.
- Â A few Requirements to be met:Â Unlike traditional banking systems that require CRB checks and lots of background checks, Fuliza M-pesa does not require that. This means that even if you have a poor credit history, you can still be eligible for Fuliza.
Benefits of Fuliza M-Pesa
In addition to the Ease of access, a few requirements, and more we have discussed above, Fuliza-Pesa offers several other benefits:
- Peace of mind:Â Knowing you have Fuliza M-Pesa as a backup can provide peace of mind, especially if you manage your finances closely but occasionally face unexpected shortfalls.
- Improves Cash Flow:Â Fuliza M-Pesa can be a helpful tool for managing your cash flow between paychecks. It can help you cover essential expenses until your next salary comes in.
Fuliza M-Pesa Requirements
Below are the requirements to get started with Fuliza M-Pesa in 2024:
- You must be a registered M-Pesa customer with an active Safaricom SIM card.
- You must be using M-Pesa services regularly to get better Fuliza limits.
- Â You must opt-in to Fuliza M-Pesa
- You must be at least 18 years old.
- You must be a Kenyan citizen.
- Ensure that any previous Fuliza debts are settled to maintain eligibility.
How to Opt into Fuliza M-Pesa
- Dial *334#
- Select Loans and Savings
- Select FULIZA
- Agree to the terms and conditions.
- OPT in
After enrolling, if you qualify, you’ll get an SMS confirming your enrollment and your Fuliza M-Pesa limit. It’s important to note that only some people who opt-in are automatically eligible. Â
What if I don’t qualify for Fuliza M-Pesa?
Unfortunately, not everyone qualifies for Fuliza M-Pesa right away. Don’t be discouraged, though! Your eligibility is influenced by your M-Pesa activity. Here’s how you can potentially improve your chances:
- Regularly send money, pay bills, and buy airtime using your M-Pesa.Â
- Repay any existing Fuliza loans on time to demonstrate your creditworthiness and responsible financial management, which are positive factors when it comes to Fuliza M-Pesa eligibility.
How To Increasing Your Fuliza M-Pesa Limit
The main problem that most M-Pesa Fulita users face is the Fuliza Limit. Most people would want to use Fuliza M-Pesa for more significant transactions, but when there are hindrances, the need to increase your limit becomes crucial. For those of you who might ask: how are Fuliza M-PESA limits calculated? Now, that is a very tricky question. But why? Well, It’s important to understand that Safaricom doesn’t share the exact formula they use to calculate Fuliza limits. However, they base it on your activity using both M-Pesa and other Safaricom services. Your Fuliza limit is influenced by a system that considers various factors related to your history of using M-Pesa services.
If you are looking to increase your Fuliza Limit, here are the tips to take into account:
1. Use Safaricom and M-Pesa Services Frequently:
The more you use M-Pesa services, the higher the chance of increasing your M-Pesa limit. So, always use M-Pesa for transactions like buying airtime, paying bills, sending money, and Lipa Na M-Pesa.Â
2. Repay Your Fuliza Loans before the set Date.
When you are awarded a Fuliza Loan, always try to make early repayments of your loans before the set date. This is a very crucial moment as it shows Safaricom that you are responsible for managing your finances.
3. Maintain a positive Credit Score
 While Fuliza doesn’t directly affect your overall credit score, positive financial behaviour always helps. Only apply for Fuliza if you have another outstanding loan that you have paid.
4. Opt-out and Opt-in Again (Not Guaranteed):
While I would not recommend this option, some Fuliza users have reported that their limits increase after opting out of Fuliza M-pesa and then opting back in later. Well, again, I would suggest it because some have suggested the vice versa.
5. Get in touch directly with Safaricom
If the above methods do not work, try getting in touch with Safaricom and ask them if they can evaluate your limits. However, it is not guaranteed that this method will be successful if you have not met the above criteria we have discussed.
Fuliza M-Pesa Fees and Charges
Before opting for Fuliza, it is essential to note that fees are applicable.Â
Here’s a breakdown of Fuliza M-Pesa fees:
- Access Fee: This is a one-time fee charged each time you take out a Fuliza loan. Currently, it stands at 1%. So, if you use Fuliza M-Pesa to cover a KSH 1000 payment, that’s an additional KSH 10 as an access fee on top of what you’ll need to repay.
- Maintenance Fees:Â This is a daily fee that continues to accrue as long as you have yet to repay your Fuliza loan fully. Maintenance fees are calculated based on your outstanding Fuliza balance, and they vary depending on the amount owed.
Here is a full table to give you a whole idea of all the Fuliza Charges/Fees in 2024:
Conclusion
And there you have it, friends. In this article, I have taken you through all you need to know about Fuliza M-Pesa, and I believe that I have been genuinely helpful. Whether you are looking to Opt in to full or increase your Fuliza M-Pesa limit by following every tip and trick mentioned, you are guaranteed success. Fuliza M-Pesa is suitable for temporary cash flow issues, but if you find yourself relying on it consistently, it might be a sign to take a closer look at your budget or explore other financial planning tools. Now, if you have any questions that require my assistance, comment down below, and I will get back to you as soon as possible.