How Fuliza ya Biashara Works in Kenya
Did you realize that inadequate money cause 60% of M-Pesa transactions to fail? Fuliza ya Biashara, a Safaricom and KCB bank product, is invaluable. Owners of businesses can use the credit facility on the M-PESA Business till. If they don’t have enough money in their M-PESA Business tills, it helps them finish their transactions. All businesses that are registered on the M-PESA platform, with the exception of Pochi, are eligible to use this service as long as they fulfill the requirements.
All You Need to Know About Fuliza ya Biashara
Similar to Fuliza M-Pesa, Fuliza Biashara enables you to finish the following transactions in the event that your M-Pesa business till is not sufficiently funded. Follow the procedure below to Fuliza na Biashara:
- Pay a customer or a mobile number.
- Return to the M-PESA agent.
- Use Lipa na Mpesa to pay bills.
- Pay to a different buyer of goods till you withdraw to the designated number.
Business owners must first opt in to activate the service before they may utilize it. After you have successfully opted into Fuliza Biashara, you will be given a limit. The cap is determined by the daily financial transaction history and performance of your company. Depending on your payback and performance, your limit may be increased or decreased.
In addition to a daily maintenance fee that varies from Sh12 to Sh250 depending on the amount taken, the service charges a two percent (2%) daily fee for a maximum of 29 days. Every thirty minutes, automated repayments are made from collections made to the till.
After 91 days of the due date, your limit will be decreased, and you will finally be listed on the CRB if you fail to make your Fuliza loan payments on time.
Charges and Tariffs for Fuliza Biashara
A 2% access maintenance fee will be applied to your Fuliza outstanding balance, as indicated below.
Daily Maintenance Fees | Access Fee for every Disbursement | |
Band KSh | Tariff in KSh | Tariff |
1 – 999 | 0 | 2% |
0 -2,499 | 12 | |
2,500 – 5,000 | 30 | |
5,001 – 15,000 | 50 | |
15,001 – 35,000 | 150 | |
35,001-70,000 | 200 | |
70,001 – 100,000 | 250 | |
100,001-400,000 | 250 |
Qualification Requirements
Business owners who have opted into the program must have been actively utilizing their M-PESA Business Till for more than six months in order to be eligible for the facility.
How to Activativate Fuliza ya Biashara on Your Mobile
Fuliza Biashara can be activated via the Mpesa App or the Fuliza ya Biashara USSD code. See below:
Via USSD Code
- Enter *234# using the designated phone number.
- Choose M-PESA Business Up to
- Enter the HO/Store Number next.
- After choosing Business financing, choose Fuliza ya Biashara.
- Choose “Join Now.”
- Agree to the terms and conditions.
- Enter the Operator ID and PIN after that, and then choose the accept menu item.
- Next, your overdraft limit will be displayed.
- In order to use the allotted limit, select Transact.
Via the M-Pesa App
- The M-Pesa Business App can be downloaded and installed from the Google Play Store.
- Launch the application and choose the “Transact” menu item.
- After that, choose “Fuliza ya Biashara” and agree to the terms.
- After that, your Fuliza limit will appear soon.
- To finish your transaction, adhere to the system’s instructions.
The Frequently Asked Questions on Fuliza ya Biashara
Last but not least, i would like to tell you about most frequently asked questions. Hre are some of the FAQs:
Ways to Enhance Your Fuliza ya Biashara Loan Limit
Safaricom advocates for the utilization of Lipa na M-PESA for transactions, thereby elevating your transaction cap and potentially boosting your Fuliza loan limit.
Is Direct Withdrawal from Fuliza Possible?
Safaricom’s services have evolved significantly. Since January 2013, customers have had the option to directly withdraw funds from M-PESA agents. However, please note that withdrawal fees are deducted from your Fuliza allowance.
Consequences of Late Fuliza Repayments
Failure to repay your Fuliza balance promptly can lead to repercussions. Beyond 30 days, access to your Mshwari and KCB-Mpesa accounts may be suspended until the outstanding balance is settled.
How to Reach Safaricom Fuliza Customer Support
Should you have any inquiries regarding Fuliza or M-PESA transactions, you can reach out to Safaricom customer care by dialing 100 or contacting them at +254722000100.
Final Word
A great credit option that helps company owners finish transactions even when they don’t have enough money in their M-PESA company Till is Fuliza ya Biashara. Make sure you match the eligibility requirements listed above and utilize this service responsibly by making on-time payments in order to get the most out of it.
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