Safaricom and KCB Bank Kenya have launched a new service called Fuliza ya Biashara. If you are a Safaricom subscriber, you already know about Fuliza, the overdraft facility that allows you to access an overdraft when they don’t have enough funds in their account.
Available through M-PESA Business App
Fuliza ya biashara allows business owners on Lipa Na M-PESA to complete payments even with insufficient funds in their till. Fuliza ya Biashara is immediately available through the M-PESA Business App and on the Lipa Na M-PESA Transacting Till on *234#.
Multiple Overdrafts up to Ksh 400,000
Business owners can access a minimum overdraft of KSh. 1,000 and can draw multiple overdrafts of up to KSh. 400,000 based on their assigned limit.
“This proposition once again signifies the immense opportunities available within the digital ecosystem managed by KCB and Safaricom. We believe that the roll-out of this exciting feature will give Kenyan entrepreneurs the headroom to scale up their business operations without getting into the danger of not servicing some of their critical needs like payments to suppliers,” said Mrs. Annastacia Kimtai, KCB Bank Kenya Managing Director.
2% one-off fee
The overdraft is offered a 2% one-off fee and a tiered daily access fee after the 24-hour free period. The Fuliza ya Biashara limit is reset every time a repayment is made, enabling business owners to immediately access new overdrafts, including the amount they just repaid.
Safaricom and KCB say that the launch of Fuliza ya Biashara seeks to meet a gap in access to affordable credit, especially among small and micro-businesses that have been previously locked out due to their size and perceived risk. The solution provides each business with a tailored overdraft limit based on the transaction history on Lipa Na M-PESA and repayment history of previous overdrafts.
Also Read: You can now withdraw Fuliza cash through M-Pesa agents
