M-Pesa

Safaricom will now let users withdraw their Fuliza money in cash from Mpesa agentsi in a new update the telco is making to the service.

Safaricom has now addressed this challenge and allows customers to withdraw it in cash from Mpesa agents. Until a few weeks ago, Fuliza has had its fair share of shortcomings, primarily on the way borrowers access the facility. Reports indicate that Kenyans borrowed an average of Sh1.6 billion ($13.2 million) daily from Fuliza, in the first six months of 2022. The facility is jointly operated by leading commercial banks NCBA and KCB and disbursed through Safaricom’s M-Pesa platform. Send tips to [email protected] Since its launch in 2019, Fuliza has grown into a highly preferred short-term facility for borrowers.

“If you can't beat them, join them” is the approach traditional banks in Kenya are adopting as they seek a greater slice of the mobile money market ...

The Central Bank of Kenya (CBK) on Dec. The CBK had waived charges on March 16, 2020, to protect consumers from the economic fallout of covid-19. Settlements for transactions are real-time and merchants can access these funds immediately, offering improved convenience. As a result, Kenya’s banks are this year looking to boost the appeal of PesaLink, launched in 2017 as an alternative to M-Pesa, to provide a fast, secure, and convenient way for customers to make interbank transactions. Kenyan banks are now looking to leverage the hard yards put in by the fintech innovators to quickly and easily tap the mobile money market, offering their customers the convenience of conducting their regular financial transactions as well as those usually reserved for M-Pesa and other mobile money apps, through their mobile banking apps. However, traditional banks in Kenya are now looking to take on the market leader by growing their own mobile money offerings—either by building their own platforms or by building on the back of existing platforms, including M-Pesa itself.

Users of Safaricom's overdraft service Fuliza are now able to make direct cash withdrawals from M-Pesa agent stores.

[By DOMINIC OMONDI](/bd/economy/taxman-misses-revenue-target-by-sh32-2bn-in-first-five-months--4083266) [By TIMOTHY ODINGA](/bd/economy/agriculture-drops-four-quarters-in-a-row--4083114) [By DOMINIC OMONDI](/bd/economy/betting-firms-to-pay-taxes-daily-as-kra-tightens-noose--4083440) [By CONSTANT MUNDA](/bd/economy/banks-cut-loans-to-state-by-sh104bn-over-low-returns--4083466) During the first half of 2020, the amount stood at Sh176 billion. Some vendors have even scrapped their bank pay bills so being able to withdraw the Fuliza limit is a timely initiative,” he said.

Safaricom Fuliza users can withdraw directly from M-Pesa agents, as opposed to the previous transactions limiting the service to money transfers and ...

"We are reducing the daily maintenance fee by 50% for transactions of KSh 1,000 and below. [“See First”](https://www.tuko.co.ke/377171-to-loyal-readers-how-latest-tuko-news-facebook-news-feed.html) under the “Following” tab to see TUKO News on your News Feed [ cut daily charges on loans of up to KSh 1000](https://www.tuko.co.ke/business-economy/475238-relief-borrowers-safaricom-kcb-ncba-reduce-fuliza-charges-by-40-cent/) from KSh 10 to KSh 6. [changed the Fuliza terms of service](https://www.tuko.co.ke/business-economy/475238-relief-borrowers-safaricom-kcb-ncba-reduce-fuliza-charges-by-40-cent/), allowing subscribers to withdraw directly from M-Pesa agents. [Business Leaders of the Year 2022](https://www.tuko.co.ke/tags/business-leaders-year-2022/) [gained popularity among Kenyans](https://www.tuko.co.ke/business-economy/economy/454458-kenyans-borrowing-ksh-14b-fuliza-daily-cost-living-bites/), especially low-income earners. [Fuliza limit](https://www.tuko.co.ke/328887-how-check-fuliza-limit.html) of KSh 500 can now withdraw KSh 470, with a transaction fee of KSh 27, [Business Daily](https://www.businessdailyafrica.com/bd/corporate/companies/fuliza-users-able-to-get-cash-from-m-pesa-agents--4083310) reported. The number of Fuliza subscribers also jumped to 6.9 million from 5.9 million borrowers, during the same period under review. Fuliza Loans below KSh 500 attract daily fees of KSh 3 down from KSh 5 according to the change in terms. [Safaricom](https://www.tuko.co.ke/263548-safaricom-bonga-points-phones-offer.html) M-Pesa subscribers can now withdraw money from the overdraft service Fuliza. [Fuliza](https://www.tuko.co.ke/296751-how-fuliza-loans-application-repayment-terms-conditions.html) amount to other mobile money accounts, make payments via Lipa Na M-Pesa or buy airtime. - Customers with a Fuliza limit of KSh 500 can initiate a withdrawal transaction of KSh 470, charging a fee of KSh 27

Safaricom has introduced a 'store number' for every M-Pesa agent that you can input right after the agent number.

One has to input the ‘store number’ right after the agent number and the transaction can only be successful if both entries reflect the correct M-Pesa agent. A common challenge that customers face when making cash withdrawals from M-Pesa agents is entering the wrong agent number from the one intended. To counter this challenge, Safaricom has introduced a ‘store number’ for every M-Pesa agent.