Rolloutof the Fulizaoverdraft facility to the firm’s 24. 2 million M-Pesa users follows a successful pilot programme in November last year.
- It also comes at a time when M-Pesa and data services helped
achieveits half-year net earnings by 20.22 per centto Sh31.5 billion, underlining the importance of capitalisingon its mobile money services to grow revenues. Fulizais the latest innovation by the firm as it seeks to leverage on M-Pesa to generate additional revenue for Safaricom.
M-Pesa users can now send money or pay for goods and services even if they have insufficient balance in their accounts after Safaricom #ticker rolled out Fuliza to all subscribers on its mobile money platform over the weekend.
With Fuliza, M-pesa users can now get overdrafts of as high as Sh50,000 depending on the value of their transactions through the service that was rolled out on Saturday.
The telco giant launched the overdraft facility in partnership with KCB #ticker:KCB and CBA. It attracts a daily charge of 0.5 per cent of the borrowing as a top-up to enable M-Pesa customers complete transactions
To opt into the service, simply dial *234# follow by option 0. You will then receive a message shortly with the overdraft limit.
Safaricom had 24,206,341 active subscriptions on its M-Pesa platform at the end of September, according to industry data by the Communications Authority of Kenya.