Fuliza ya Biashara is an innovative overdraft credit service designed specifically for business owners leveraging the M-Pesa Business Till for their commercial transactions in Kenya. This service offers business owners the flexibility to complete transactions even when their Till balance is insufficient, provided they stay within their allocated credit limit.
Eligibility and Access
Qualifications for Fuliza ya Biashara
To qualify for the Fuliza ya Biashara facility, business owners must have been active users of M-Pesa for Business for a minimum of 6 months. It’s important to note that this service is not accessible to Pochi la Biashara business owners.
Transactions Available with Fuliza ya Biashara
Various Transactions Supported
- Pay to a mobile number/customer
- Pay to a utility (Pay bill) till
- Pay to another Buy Goods till
- Withdraw to the nominated number
- Withdraw to M-PESA agent
Activation Process
How to Activate Fuliza ya Biashara
To activate Fuliza ya Biashara, business owners can dial the USSD code provided by M-Pesa or use the M-Pesa Business app available on the Google Play Store.
Charges and Fees
Fuliza ya Biashara Charges
While Fuliza ya Biashara provides access to credit limits of up to Ksh. 400,000, it incurs charges for utilization. There’s an access fee of 2% for every amount disbursed, along with a daily maintenance fee ranging from Ksh. 0 to Ksh. 250, depending on the transaction amount.
Repayment and Penalties
Fuliza Repayment Terms
The borrowed funds are to be repaid within 30 days, with automatic deductions from the funds received in the Business Till every 30 minutes. Failure to repay on time results in suspension of service access and reduction of credit limit. After 91 days of the due date, defaulters are listed on CRB.
Increasing Credit Limit
To increase the credit limit, business owners are encouraged to conduct more transactions through their Business Till and repay the overdraft loan promptly using Lipa na M-PESA.
Fuliza ya Biashara is a valuable financial tool for business owners, providing them with the necessary liquidity and flexibility to manage their commercial operations effectively.