To get a Fuliza loan, you first need to opt in to the service, which allows you to complete M-Pesa transactions even when you have insufficient funds in your account.
How to Access and Utilize Fuliza
Fuliza is an M-Pesa overdraft facility that enables Safaricom M-Pesa customers to complete transactions beyond their M-Pesa balance. The "loan" isn't a traditional sum deposited into your account but rather an automatic top-up provided when your M-Pesa balance falls short during a transaction.
Here’s a breakdown of how to get started with and use Fuliza:
Step-by-Step Guide to Opting In
Before you can utilize the Fuliza facility, you must first opt in. This one-time registration process links your M-Pesa account to the Fuliza service.
- Dial the USSD Code: On your mobile phone, dial
*334#. This is the primary USSD service for M-Pesa services. - Navigate to Loans and Savings: From the main menu presented, select the option for "Loans and Savings."
- Select FULIZA: Within the "Loans and Savings" sub-menu, choose "FULIZA."
- Opt In: Follow the prompts to complete the opt-in process for Fuliza. You will likely be asked to accept the terms and conditions.
Once you have successfully opted in, your M-Pesa account is now enabled to access Fuliza when needed.
How the Fuliza Loan is "Disbursed"
Unlike traditional loans that are manually applied for and disbursed, Fuliza works automatically. Once opted in, you don't actively "apply" for a Fuliza loan each time you need it.
- Automatic Overdraft: When you attempt to send money, pay a bill (Pay Bill), or buy goods (Buy Goods) via M-Pesa, and your current M-Pesa balance is less than the transaction amount, Fuliza will automatically cover the deficit.
- Confirmation Prompt: Before the transaction is completed, you will receive a prompt informing you that Fuliza will be used to complete the transaction, along with the applicable fees. You will be given the option to accept or decline.
- Transaction Completion: If you accept, the transaction will be completed using the Fuliza overdraft, allowing your payment or transfer to go through seamlessly.
Understanding Fuliza Limits and Repayment
Your Fuliza limit is dynamic and determined by your M-Pesa usage, including your transaction history and repayment behavior. It can fluctuate over time.
- Repayment: Any money received into your M-Pesa account will automatically be used to offset your outstanding Fuliza balance. This happens instantly and without any action required from you.
- Fees: Fuliza charges an access fee and interest daily on the outstanding amount. It's crucial to repay your Fuliza balance as soon as possible to avoid accumulating more charges.
By understanding the opt-in process and how the facility functions, you can effectively use Fuliza to manage your short-term liquidity needs.
