Mobile Loans offered by Safaricom
1. Fuliza
Fuliza is an on-going overdraft service available for Safaricom’s M-PESA customers for them to be able to complete their M-PESA transactions even when they do not have enough funds in their M-PESA account. For you to be able to enjoy Fuliza M-PESA services you need to be registered on M-PESA with an active Safaricom M-PESA line. You will need to choose to opt into the Fuliza service to enjoy the service.
Eligibility
You need to be an M-PESA customer registered using your national ID/Kenyan passport/Military ID and you can easily activate Fuliza but not everyone is eligible for a loan limit upon activation.
If your M-PESA account has been registered using Foreign passport you then cannot successfully opt-in to Fuliza.
Upon opting in, you will be given a limit that defines the maximum amount of overdraft you can access.
How to OPT in to FULIZA
Dial *334#
Select Loans and Savings and then Select FULIZA
OPT in
What is great about FULIZA
You can easily request for Fuliza as many times as you want as long as it is within your allocated limit.
You will be able to Send Money to both registered and unregistered customers even without having enough money in your account.
You can pay even using Lipa Na M-PESA both Buy goods and Paybill number.
You can also Buy airtime for yourself and other via the USSD or the M-PESA APP
Fuliza limit
Fuliza limit is given upon activation by you, who has been active on the network for at least 6 Months based on your line’s activity.
To grow your Fuliza limit, you need to continue using Safaricom and M-PESA services and ensure you repay your Fuliza loan facility on time by frequently toping up your M-PESA account.
Beware that if you have been on Safaricom network for less than 6 months you will have a ZERO LIMIT.
Note: Fuliza limit can change (upwards or downwards) depending on your usage and timely repayment of the facility.
Fuliza Charges
You will be charged a one off 1% access fee and then a daily maintenance fee is applied the next day at midnight or 00.00 hrs.
You will also be charged 20% excise duty on the accessible fee. That means as a person who uses Fuliza and repays before the next day at 00.00hrs you will only pay the access fee and a maintenance on the outstanding amount.
2. Mshwari
M-Shwari is a savings and loan service that enables you as an M-PESA customer to;
Save as little as Kshs. 1, and access credit from Kshs. 1,000.
Earn interest of up to 6.3% p.a. on your savings balance.
Save for a fixed period of time
Access loans instantly, credited to your M-PESA account from a minimum of Kshs. 1,000 and up to Kshs. 1million and the account is charged at 9% Being Loan Fees of 7.5% and 1.5% Excise Duty. Excise duty is deducted from the loan amount that is sent to M-PESA
How you qualify for a loan
Be an active M-PESA subscriber for at least 6 months
Save on M-Shwari as much as you can
Actively make sure you use other Safaricom services such as voice, data and M-PESA.
What should I expect when I borrow?
Access of loan limits from as low as Ksh.100 and up to Ksh. 50,000.
Enjoy a month as the repayment period.
Loan repayment can be made either via M-PESA, or from the M-Shwari account.
How does it work?
Go to the M-PESA menu.
Select Loans and Savings.
Select M-Shwari.
Select Loan.
Request Loan.
Enter amount.
Enter your M-PESA PIN number
Your loan amount will be sent to your M-PESA Account. The loan amount you will pay will be inclusive of the facility fee.
3. KCB Mpesa Loans
KCB M-PESA is a loans and savings product that is exclusively offered by KCB Bank Kenya Ltd to Safaricom M-PESA customers.
Questions regarding the loans available from KCB bank to the Safaricom Users
1. What are the requirements to have a KCB M-PESA account?
Just be a registered and active Safaricom M-PESA customer.
2. How do I deposit or withdraw money into or out of the KCB M-PESA Account?
Money in and out of the KCB M-PESA Account is done through M-PESA.
How to deposit money from M-PESA
Go to the KCB M-PESA menu.
Select Deposit from M-PESA.
Enter the amount.
Enter your M-PESA PIN number.
Confirm you want to deposit.
Your M-PESA will be deducted, and your KCB M-PESA Account credited with the amount
How to withdraw money to M-PESA
Go to the KCB M-PESA menu.
Select Withdraw to M-PESA.
Enter the amount.
Enter M-PESA PIN number.
Confirm you want to withdraw.
Your KCB M-PESA Account will be deducted, and your M-PESA Account credited with the amount
3. How do I check my KCB M-PESA account balance?
Go to the KCB M-PESA menu
Select My Account
You can either check your account balance or request for a Mini Statement.
4. How do I check my KCB M-PESA loan limit?
Go to the M-PESA menu
Select Loans and Savings
Select KCB M-PESA
Select Loan
Select Check Loan Limit.
5. What is the fee charged on a KCB M-PESA loan?
The cost for the one-month loan is 8.93%.
6. How do I borrow a KCB M-PESA loan?
Go to M-PESA menu
Select Loans and Savings
Select KCB M-PESA
Select Request Loan
Enter Amount & follow instructions to complete
7. How do I pay my KCB M-PESA loan?
Using the Safaricom Toolkit
Go to M-PESA menu
Select Loans and Savings
Select KCB M-PESA
Select Pay Loan
Select to pay from M-PESA or from your KCB M-PESA Account
Enter amount & follow instructions to complete.
Using the M-PESA Paybill 522559
Go to M-PESA menu
Select Lipa na M-PESA
Select Paybill & Enter Business & enter 522559 as the Business Number
Select Account no. & enter “your ID number e.g. 12345678’’
Enter amount & follow the instructions to complete
8. I cannot access a KCB M-PESA loan. What are some of the reasons for this?
You have been listed with the Credit Reference Bureau.
You already have an existing KCB M-PESA loan.
You have a low credit rating.
Late repayment of a previous loan thus you have been blacklisted.
9. How do I grow my loan limit?
Increase activity on your KCB M-PESA account by moving money in and out of your account.
Increase savings on your KCB M-PESA account.
Increase usage of M-PESA services.
Early and promptly repaying your KCB M-PESA loans
