How To Withdraw Fuliza From An M-Pesa Agent
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How To Withdraw Fuliza From An M-Pesa Agent
By Juma / Published January 23, 2023 | 10:37 am
KEY POINTS
Kenyans borrowed an average of 1.6 billion shillings from Fuliza, Safaricom’s M-Pesa overdraft during the first 6 months of 2022.
Fuliza offers short-term loans whose uptake has been rising daily due to the biting cost of living among Kenyans.
KEY TAKEAWAYS
From October 2022, Kenyans who borrowed 1000 shillings and below from Fuliza have been paying no interest rate for the first 3 days. This means that borrowing 1000 shillings and below and paying it within 3 days will attract no interest.
Fuliza users can now withdraw their cash at an M-Pesa agent the same way they would do for a normal transaction. Initially, users were only allowed to use Fuliza for completing transactions while paying for products and services when their M-Pesa balance was zero .
Kenyans who needed to convert their Fuliza into cash first had to send the same to another number that did not have an overdraft, before withdrawing it at an M-Pesa agent. This exposed them to double transaction and withdrawal charges.
Here is how to withdraw your Fuliza at an M-Pesa agent:
- Launch the STK menu on your Sim toolkit or dial *334#, then “ok”.
- Select M-Pesa
- Select “Withdraw Cash From Agent”
- Enter Agent Number
- Enter Store Number
- Enter Amount
- Enter M-Pesa PIN
Related Content: Safaricom Introduces New Discounted Tariffs On Fuliza
Kenyans borrowed an average of 1.6 billion shillings from Fuliza, Safaricom’s M-Pesa overdraft during the first 6 months of 2022. Fuliza offers short-term loans whose uptake has been rising daily due to the biting cost of living among Kenyans.
In 6 months to June this year, Fuliza disbursed 290 billion shillings up from 220.38 billion shillings disbursed in the same period last year. This means Kenyans were borrowing about 66,666,666 shillings per hour from Fulizamon in the past. 6
Fuliza has turned out to become the major moneymaker for NCBA, accounting for 85.54 percent of the group’s digital disbursements during the review period. Safaricom and NCBA partnered to offer the service that became a hit as soon as it was launched
From October 2022, Kenyans who borrowed 1000 shillings and below from Fuliza have been paying no interest rate for the first 3 days. This means that borrowing 1000 shillings and below and paying it within 3 days will attract no interest.
Related Content: Ksh 1000 From Fuliza To Attract 0% Interest First 3 Days
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