Launched in 2019, Safaricom’s overdraft facility, Fuliza, has grown to be a household name. By now, everyone must have interacted with the product directly or indirectly. Remember when over 81 billion was borrowed in just 6 months? Fuliza now makes more than M-Shwari and KCB M-Pesa combined.
Well, that’s the reason Safaricom have been looking for ways to expand the facility to more people. The latest improvement/expansion being allowing customers to be able to withdraw their balances via the usual M-Pesa Agents.
Since launch, Fuliza has only allowed you to pay via till or paybill numbers, and to send money, when you don’t have enough in your account. You’ve never been able to actually withdraw the cash, like you would normal M-Pesa balances.
This has brought about issues with people having to send money to others so as to be able to access cash. That’s now changing. There are many instances where you will actually need cash, especially with the way the market is currently set up.
What’s interesting to note is that this new feature opens up extra revenues for Safaricom. Not only will you be paying back the overdraft with interest, you will also be charged normal withdrawal charges.
Recently, Fuliza readjusted the repayment rates down by up to 50%. This will definitely encourage higher uptake, and open up the company to more profits.
|AMOUNT IN KES||OLD RATES||NEW RATES||% CHANGE|
|One-time Access Fee||1%||1%||No Change|
|1 – 100||KES 0 Daily Maintenance Fee (DMF)||KES 0 DMF|
|101 – 500||KES 5 DMF||KES 2.5 (Free first three days)||50%|
|501 – 1,000||KES 10 DMF||KES 5 (Free first three days)||50%|
|1,001 – 1,500||KES 20 DMF||KES 18||10%|
|1,501 – 2,500||KES 25 DMF||KES 20||20%|
|2,501 – 70,000||KES 30 DMF||KES 25||16.7%|