Safaricom, in partnership with Commercial Bank of Africa (CBA) and Kenya Commercial Bank (KCB), has launched Fuliza, an overdraft service to enable customers complete transactions even when they have insufficient funds to do so from their M-PESA Wallet.
The new facility complements the current M-Shwari loan service and the Okoa Jahazi service for Airtime and data bundles, and is expected to drive mobile money transactions higher.
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Fuliza Expected to Drive Financial Inclusion
Fuliza is a facility that comes to solve a recurring problem where failed daily mobile money transactions due to insufficient funds currently stands at 58 percent. A daily charge of 0.5 percent will accompany the overdraft each day the wallet remains overdrawn.
The Fuliza overdraft limit can go as high as Kshs. 50, 000 (Approx. $500) depending on the transaction value.
Speaking on the new Fuliza facility, CBA Group Managing Director, Isaac Awuondo, said:
“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.”
With over 24 million M-PESA subscribers, the service is no doubt going to be popular and valuable to this huge demographic as the company looks to leverage on its M-PESA platform to generate additional revenue following increased mobile money tax.