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How to Access Fuliza Mpesa Loan

By Oluchukwu Ikemefuna

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Fuliza Mpesa loan is a financial service provided by Safaricom in partnership with Commercial Bank of Africa (CBA) that has transformed how Kenyans manage their daily financial transactions. 

This innovative service offers an overdraft facility to Mpesa users, enabling them to complete transactions even when they have insufficient funds in their Mpesa accounts. 

It was designed to provide quick and convenient access to funds and to ensure that users can seamlessly send money, pay for goods and services, and purchase airtime without interruptions. 

In this article, we’ll be reviewing the details of accessing Fuliza Mpesa loans, the requirements, usage process, charges, benefits, and tips for responsible usage to ensure financial stability.

What is Fuliza Mpesa Loan?

Fuliza-Mpesa Loan is an overdraft service provided by Safaricom in collaboration with Commercial Bank of Africa (CBA), designed to help Mpesa users complete transactions even when they have insufficient funds in their Mpesa accounts.

It allows users to access short-term credit to cover shortfalls for transactions such as sending money, paying for goods and services, and purchasing airtime. 

When a user initiates a transaction that exceeds their available Mpesa balance, Fuliza Mpesa automatically covers the deficit up to an approved limit, which is determined based on the user’s Mpesa usage and credit history. 

Unlike traditional loans, Fuliza-Mpesa provides an immediate and seamless financial solution, integrating directly with the Mpesa platform for ease of use.

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What is Fuliza Mpesa Loan limit?

The Fuliza-Mpesa loan limit is the maximum amount of overdraft credit that a user can access through the Fuliza service. 

This fuliza limit is determined individually for each user based on several factors, including their Mpesa usage, transaction history, and creditworthiness as assessed by Safaricom and its banking partners. 

The more active and responsible a user is with their Mpesa transactions and repayments, the higher their Fuliza limit is likely to be. 

Users can check their specific Fuliza limit by dialing *234# on their Safaricom mobile line and selecting the Fuliza option, or by using the MySafaricom app

This personalized limit enables users to know how much they can borrow to complete transactions when they have insufficient funds in their Mpesa account.

What are the Requirements for Accessing Fuliza-Mpesa Loan?

Before you can access Fuliza Mpesa loan, there are a few prerequisites you need to meet:

1. Active Mpesa Account: 

You must be a registered and active Mpesa user. This means you should have an active Safaricom SIM card and a registered Mpesa account.

2. Mpesa Usage History: 

Fuliza-Mpesa is designed for users with a consistent Mpesa usage history. Regular usage of Mpesa services such as sending money, paying bills, and buying airtime can increase your chances of qualifying for Fuliza.

3. Positive Credit History: 

While Fuliza Mpesa is not a traditional loan, your credit history with Safaricom and other financial services may influence your overdraft limit. Maintaining a positive credit history by repaying any previous overdrafts on time is crucial.

4. Age Requirement: 

You must be at least 18 years old to access Fuliza Mpesa loan.

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How to Access Fuliza Mpesa?

Accessing Fuliza Mpesa loan is a straightforward process. Follow these steps to opt-in:

1. Dial *234#: 

On your Safaricom mobile line, dial *234# and follow the prompts to select Fuliza. Alternatively, you can use the MySafaricom app to access Fuliza under the Mpesa menu.

2. Accept Terms and Conditions: 

Read and accept the terms and conditions provided. It is important to understand the terms to avoid any misunderstandings.

3. Confirm Opt-In: 

After accepting the terms, you will receive a confirmation message indicating that you have successfully opted into Fuliza Mpesa.

4. Check Your Limit: 

Once you are enrolled, you can check your Fuliza limit by dialing *234# and selecting the Fuliza option or by using the MySafaricom app. Your limit will be determined based on your Mpesa usage and credit history.

By following these steps, you will activate the Fuliza Mpesa service, allowing you to access overdraft funds when your Mpesa balance is insufficient for transactions.

How to make use Fuliza Mpesa service?

Using Fuliza Mpesa is seamless and automatic and below is how it works:

  • Insufficient Funds: 

When you attempt to make a transaction that exceeds your Mpesa balance, Fuliza Mpesa will automatically cover the shortfall up to your approved limit.

For example, if you want to send Ksh 1,000 but only have Ksh 500 in your Mpesa account, Fuliza will provide the remaining Ksh 500.

  • Confirmation Message: 

You will receive a confirmation message indicating that the transaction has been completed using Fuliza. The message will also specify the amount borrowed and the applicable charges.

  • Repayment: 

The borrowed amount, along with a daily access fee, will be automatically deducted from your Mpesa account the next time you receive funds. It is important to repay the amount as soon as possible to avoid accruing additional fees.

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What are Fuliza Mpesa Charges and Fees?

Fuliza Mpesa charges a daily access fee based on the amount borrowed. Here is a breakdown of the fees:

  • Amounts up to Ksh 100: Daily fee of Ksh 2
  • Amounts between Ksh 101 and Ksh 500: Daily fee of Ksh 5
  • Amounts between Ksh 501 and Ksh 1000: Daily fee of Ksh 10
  • Amounts between Ksh 1001 and Ksh 1500: Daily fee of Ksh 20
  • Amounts between Ksh 1501 and Ksh 2500: Daily fee of Ksh 25
  • Amounts above Ksh 2500: Daily fee of Ksh 30

It is important to note that these fees are charged daily until the borrowed amount is repaid in full.

How do I repay my Fuliza Mpesa Loan?

Repaying your Fuliza-Mpesa loan is an automatic process integrated into your Mpesa account. Here’s how it works:

  • Automatic Deduction: 

Whenever you receive money into your Mpesa account, the outstanding Fuliza amount, along with any accrued daily access fees, will be automatically deducted from your balance.

This ensures that repayment happens seamlessly without requiring any additional action from you.

  • Partial Repayments: 

If the amount received is less than the total amount owed, a partial repayment will be made, and the daily fees will continue to accrue on the remaining balance. The process will repeat until the full amount is repaid.

  • Manual Top-Up: 

You can also manually top up your Mpesa account to cover the Fuliza loan. Any money you add to your Mpesa account will first be used to repay the outstanding Fuliza balance.

  • Check Balance: 

To keep track of your Fuliza balance and see how much you owe, you can dial *234# and select the Fuliza option or use the MySafaricom app to view your balance under the Mpesa menu.

By ensuring that you regularly receive funds into your Mpesa account or manually topping up when necessary, you can keep your Fuliza Mpesa loan repayments up to date and avoid accumulating additional fees.

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What are the Benefits of Fuliza Mpesa?

Fuliza Mpesa offers several benefits that make it an attractive financial solution:

1.Fuliza Mpesa provides instant access to funds, allowing you to complete transactions without any delays.

2. Unlike traditional loans, Fuliza Mpesa does not require any collateral or lengthy approval processes.

3. Fuliza is integrated with Mpesa, making it easy to use and manage alongside your regular Mpesa transactions.

4. You can use Fuliza for various transactions, including sending money, paying for goods and services, and buying airtime.

5. The fees associated with Fuliza are transparent and straightforward, allowing you to understand the cost of borrowing upfront.

How to Use Fuliza Mpesa Loan Responsibly?

While Fuliza-Mpesa is a convenient service, it is important to use it responsibly to avoid falling into a cycle of debt. Here are some tips for responsible usage:

1. Borrow only what you can comfortably repay within a short period to avoid accruing high fees.

2. Repay the borrowed amount as soon as possible to minimize the daily access fees. Remember, the longer you take to repay, the higher the cost.

3. Keep track of your Fuliza usage and outstanding balances. You can check your Fuliza balance by dialing *234# or using the MySafaricom app.

4. Use Fuliza as a short-term solution for urgent needs, not as a substitute for long-term financial planning.

5. Timely repayment of Fuliza and other financial obligations will help you maintain a positive credit history, which can be beneficial for future financial needs.

FAQs

Can I use Fuliza Mpesa if I have an outstanding loan with another service?

Yes, you can still use Fuliza Mpesa even if you have an outstanding loan with another service. However, it is important to manage your finances responsibly to ensure you can meet all your repayment obligations.

What happens if I do not repay the Fuliza amount on time?

If you do not repay the Fuliza amount on time, the daily access fees will continue to accrue until the borrowed amount is repaid in full.
Also, prolonged non-repayment may affect your credit history with Safaricom and could limit your access to Fuliza in the future.

Can I opt-out of Fuliza Mpesa?

Yes, you can opt-out of Fuliza Mpesa at any time by dialing *234# and following the prompts to select the opt-out option. However, any outstanding balance must be repaid before you can successfully opt-out.

Can I increase my Fuliza limit?

Your Fuliza limit is determined based on your Mpesa usage and credit history. While you cannot directly request an increase, maintaining regular Mpesa usage and a positive repayment history may result in an automatic increase in your limit over time.

Is Fuliza Mpesa available to all Mpesa users?

Fuliza Mpesa is available to most Mpesa users who meet the eligibility criteria. However, Safaricom reserves the right to determine eligibility based on individual usage and credit history.

Conclusion

Fuliza Mpesa is a valuable financial tool that provides instant access to funds, enabling users to complete transactions even when their Mpesa balance is insufficient. 

By understanding the requirements, usage process, charges, and benefits, you can make the most of this service while maintaining responsible financial habits.

Remember, Fuliza Mpesa is designed to be a short-term solution for urgent financial needs, so use it wisely to ensure your financial well-being.

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Blessing Ukibe
Blessing Ukibe

Medical Student at Nnamdi Azikiwe University|Tech content expert at Silicon Africa Technology|Lover of fun books and fun fun ☺️

Articles: 148

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