Fuliza M-pesa users can now withdraw their cash from M-pesa agents. When the overdraft facility was launched back in 2019, users were limited to how they could use the product.
At the time, users could only
- Send money to friends and family
- Use Lipa na M-PESA services such as Paybill and Buy Goods
- Buy airtime for themselves and others via USSD or the M-PESA app
If a user wanted to withdraw their Fuliza cash, they had to send the money to another person who did not have Fuliza to withdraw it for them.
With this latest improvement to the overdraft facility, users will now have an easier time withdrawing their Fuliza amount like they would with normal M-Pesa balances.
Latest Fuliza M-pesa Rates
While paying back Fuliza with interest, you will also be charged normal withdrawal charges. Luckily, Fuliza readjusted the repayment rates down by up to 50%.
Here are the current Fuliza rates.
|AMOUNT IN Ksh||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%|
Fuliza has grown to be one of Safaricom’s biggest earners having overtaken the likes of KCB M-PESA and M-Shwari in terms of earnings.
For instance, by March 2022, it had Ksh 502.66 billion in value of Fuliza disbursements, a 43.1% year on year increase with 101.5% repayment versus disbursal rate.
The telco reached Ksh 5.94 billion in Fuliza revenue, a 31.0% year on year increase.