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How to Fuliza M-PESA

Fuliza M-PESA is a new overdraft service which allows M-PESA customers to complete their M-PESA transactions when they have insufficient funds in their account.

Here’s how you can register and use the service -:

  1. Dial *234# and select Fuliza M-PESA to opt in. You need to be an M-PESA registered customers with an active Safaricom line.
  2. Once you have opted in, you can Dial *234# and Select Fuliza M-PESA to check your limit, balance, mini statement and opt out option. Every time you transact using Fuliza, you will receive an sms with the outstanding Fuliza amount.

You can also install the mySafaricom app that is available on Android and iOS. The app allows you to monitor your fuliza without having to dial *234#

HOW TO INSTALL THE MYSAFARICOM ANDROID APP         

Fuliza M-Pesa does not allow you to withdraw money. Here are a few other facts -:

How many accounts can I hold for Fuliza M-PESA services?

Every M-PESA registered line will be treated as a different account. Each mobile number will qualify for Fuliza M-PESA and will be awarded a limit. This limit will be reviewed every 3 months depending on your usage.

How many times can I use Fuliza M-PESA?

You can use it as many times as needed as long as you are within the allocated Fuliza M-PESA limit.

Which M-PESA transactions can I complete using Fuliza M-PESA?

  • Lipa Na M-PESA: Buy goods and Paybill as well as Send money

How do I use my Fuliza limit?

All you need to do is transact normally on M-PESA and if you have insufficient funds, Fuliza M-PESA will cover the shortfall.

How do I grow my Fuliza M-PESA limit?

Continue using Safaricom and M-PESA services frequently and repay Fuliza M-PESA on time by toping up your M-PESA account.

How much will I be charged for using Fuliza M-PESA?

You will be charged 1% access fee and a maintenance fee on the outstanding balance as per below table. Normal M-PESA transaction charges apply.

 

Band Tariff Promotional Tariff for 30 day from launch
0 -100 One-time fee of Ksh 2 One-time fee of Ksh 0
101-500 Ksh 5 per day
501-1000 Ksh 10 per day
1001-1500 Ksh 20 per day
1501-2500 Ksh 25 per day
2501-70000 Ksh 30 per day  

 

Are there any Penalties for late repayment?

You will not have access to your Fuliza M-PESA limit if you have any unpaid balance after day 30. This will however be restored on full repayment of your Fuliza balance.

How to get a KCB M-PESA account

Dial*844#. Accept the Terms and Conditions. You will receive an SMS with your PIN. Dial *844# to access the KCB M-PESA Account Menu and enter the PIN. Change PIN option will be available under my account.

KCB M-PESA is a savings account that enables you to access instant loans up to KSh 1M upon dialing *844#.

  • The KCB M-PESA Account features include:
  • Minimum saving of Kshs.1 and maximum saving of KSh 1M
  • Personal accident insurance benefit based on savings
  • Interest on savings of 2% p.a.

You may load your savings easily and conveniently via M-PESA, KCB Mobi, Mtaani agent and/or branch and withdraw your KCB M-PESA account savings only via M-PESA.

Loans

You can borrow instantly without saving with disbursement being to KCB M-PESA Account Loan Limits (Kshs.100 to KSh 500,000 with a top up option)

You can choose flexible repayment periods of 1 month, 3 months and 6 months via M-PESA, KCB M-PESA Account and Mobi/Branch/Mtaani with an option of Partial payments.

The interest on the loan include:

  • 30 day loan at 6% per month
  • 90 day loan at 5% per month
  • 180 day loan at 4% per month

The KCB M-PESA Account Fixed Deposit accounts

There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They include

  • Fixed Savings Account
  • Target Savings Account

Fixed Savings Account

This Account allows you to lock a specific amount of cash for a certain period of time.

How does it work?

  • You will not be able to top-up to the amount saved.
  • Locked periods include 1, 3, 6, and 12 months with minimum amount of KSh 500.
  • Upon early or premature redemption, you will forfeit all interest accrued.
  • You get cash back immediately to KCB M-PESA account on prompting cash back
  • You also get Life insurance benefit based on fixed deposit savings.

Target Savings Account

This account allows you to set a target and make deposits towards achieving that target.

How does it work?

  • You will top up continuously until you achieve your target.
  • The account is accessible with standing orders from M-PESA or KCB M-PESA Account
  • You can choose from target periods of 1, 3, 6 and 12 months with minimum contribution of KSh 50.
  • You will also earn interest on cumulative interest
  • You are allowed up to 4 withdrawals within target lock period to maintain interest.
  • You will get cash back immediately to your KCB M-PESA account on prompting cash back

 

Source: How to get a KCB M-PESA account