Many younger Kenyans cannot envision a time before Fuliza, as this service has been a lifeline for numerous Safaricom customers, offering a solution to unexpected financial constraints. Fuliza, an overdraft service launched by Safaricom in collaboration with KCB and NCBA, has transformed the landscape of payments, and recent enhancements have further improved its appeal. Safaricom recently announced a significant reduction in daily charges for loans below Sh1000 by 50 per cent.
Under the new adjustments, daily charges for loans up to Sh1000 have been slashed from Ksh10 to Ksh5, while maintaining the 1 per cent access fee on all borrowings. Loans below Ksh500 now incur daily charges of Ksh3, down from Ksh5, while loans ranging from Ksh2500 to Ksh70,000 benefit from a 16.7 per cent reduction in daily charges, from Sh30 to Sh25.
Moreover, Safaricom has introduced a three-day interest waiver for loans below Ksh1000. This means that if borrowers repay the loan within three days, no interest will be charged.
In light of these improvements, many Fuliza users may be eager to increase their Fuliza limit to take advantage of reduced interest rates on higher loan amounts.
Use Safaricom services more often
One method to raise your Fuliza limit is by consistently utilizing Safaricom services. This demonstrates to the company that you are a dependable customer, potentially leading to an increase in your limit.
Repay any outstanding Fuliza balances on time
Make sure to settle any outstanding Fuliza balances promptly, as this showcases your responsibility as a borrower. Timely repayments can lead to an increase in your limit, as the lender views you as a low-risk borrower.
Make more transactions using Mpesa
Your Fuliza limit may increase with the frequency of your transactions using M-Pesa. The lender evaluates your creditworthiness based on your transaction history and payment behavior, potentially leading to a higher limit.
Make timely payments
Your Fuliza limit is significantly influenced by your credit score. To uphold a favorable credit score, ensure timely payments, steer clear of loan or credit card defaults, and maintain a healthy debt-to-income ratio. Similar to any loan, Fuliza’s limit is established based on your creditworthiness. Consistent punctual payments portray you as a low-risk borrower, increasing the likelihood of being granted a higher Fuliza limit.
Request a Fuliza limit increase
Follow these simple steps to potentially increase your Fuliza limit:
- Ensure you regularly use M-Pesa and Fuliza services, and always repay your Fuliza loan on time. Additionally, verify that you have no outstanding Fuliza balance.
- Dial *234# on your M-Pesa registered line.
- Select “Fuliza M-PESA” from the menu.
- Choose “Opt-Out” to deregister from Fuliza.
- Dial *234# again and select “Opt-In” to re-register for Fuliza.