ALL FULIZA LIMITS REDUCED TO KSH 100

A Safaricom customer has lamented over his reduction of Fuliza limit amid tough economic times.

Evance Simbe Junior noted the amount was too low as the high cost of living continues to bite. This is considering over half of Kenyans depend on loans to make ends meet.

“Why have you reduced my Fuliza to KSh 100? How will that help me? Simbe posed on Facebook.Safaricom’s explanation on Fuliza limits

In a statement sent to a local media house eplained that the Fuliza limit is affected by delayed repayment, overdue M-Shwari loans, and when one opts out of the overdraft service and back.

“If your limit is affected by any of these, you have to build up your limit afresh, the best way to do this is by saving constantly without withdrawing, keeping your Safaricom line active and topped up, and using other Safaricom services.

Once successful, your new limit will be communicated to you, the limits are approved at the bank’s discretion, we are not able to intervene and reset the limit manually,” the telco responded when TUKO.co.ke sought a comment.Fuliza loans growth

Kenyans rely on Safaricom M-Pesa overdraft service Fuliza to make ends meet.

The use of the service has been growing steadily since it was launched in 2019. Fuliza recorded daily growth of KSh 1.4 billion  for the period between April 2021 to March 2022.

On the other hand, loans hit a new high of KSh 502.6 billion in the same period compared to KSh 351.2 billion recorded in the previous year.

Fuliza subscribers increased to 6.9 million borrowers from 5.9 million borrowers reported in March 2021.

Fuliza ya Biashara

On Friday, May 4, Safaricom unveiled Fuliza ya Biashara, a credit facility that will allow small business owners to borrow up to KSh 400,000.

In a statement on its website, the giant telecommunications company indicated the service will be available on the M-Pesa business till.

“The facility allows business owners to complete transactions, by overdrawing their accounts, when they have insufficient funds in their M-PESA Business tills.”

The overdraft will be automatically repaid from incoming till payments. It is offered at a 2% fee.

By tuko