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Safaricom (NSE:SCOM) has rolled out Fuliza M-Pesa service, an innovation that allows M-Pesa customers to complete their transactions when they have insufficient funds in their SIM accounts.

 

Fuliza, an overdraft facility was launched over the weekend after a successful pilot program carried out in November last year.

The latest innovation by the service provider firm to its 24.2 million users offers overdraft with a minimum of Sh1 and a maximum of Sh70,000 in the transactions.

 

Fuliza M-Pesa which can be used as many times as possible within the allocated limit attracts a daily maintenance fee of 0.5 percent and 1 percent one-off access fee of the borrowing.

 

The innovation set-up in partnership with Kenya Commercial Bank (NSE:KCB) and Central Bank of Africa(CBA) seeks to generate more revenue for Safaricom.

 

Transactions of Lipa Na M-Pesa: Paybill and Buy goods and services as well as send money can be used with Fuliza.

 

However, a user cannot withdraw funds from Fuliza M-pesa.

 

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