How To Withdraw Money Direct From Your Fuliza Wallet At An Mpesa Agent
Safaricom has now made it possible to Fuliza clients o withdraw money directly from their Fuliza wallet at an Mpesa agent. Previously, Fuliza services were only available for sending money to other Mpesa users and paybill numbers.
With the latest update from Safaricom, Fuliza customers are able to withdraw money equivalent to their Fuliza limit less the normal transaction charges as they would if they had an actual balance in their M-Pesa wallets.
For example, a customer with an overdraft limit of Sh500 can walk to an M-Pesa agent with zero account balance and withdraw Sh473 as Sh27 withdrawal fee is charged.
How To Withdraw Money Direct From Your Fuliza Wallet At An Mpesa Agent
To withdraw money from Fuliza at an Mpesa agent;
- Got to the Safaricom Mpesa agent shop
- On your phone go to Mpesa
- Select Withdraw cash
- Select From Agent option
- Enter the Agent number
- Enter the amount you wish to withdraw equivalent to your Fuliza limit less transaction charges
- If you have less money in your Mpesa, then top up with Fuliza and enter the amount you wish to top up
- Enter your Mpesa PIN and send
By following this instructions, you will receive the Mpesa withdrawal message on your phone for a successful withdrawal.
The service is designed for customers who need to make small, urgent payments but do not have the funds available at the time. To use Fuliza, customers need to have an active M-Pesa account and have completed at least one transaction in the past 30 days. The borrowed funds plus a service charge are deducted from the customer’s M-Pesa account on their next deposit or when they make their next transaction.
Fuliza is a widely used service in Kenya and it has become a popular way for Kenyans to access credit. According to a report by the Central Bank of Kenya, mobile loans, of which Fuliza is a part of, grew by 32.7% in 2019, and it is expected that the service will continue to grow in popularity as it provides easy access to credit for many Kenyans who may not have access to traditional forms of lending.
Read>>>>How to Pay Mshwari Loan Using Fuliza
The recent introduction of Hustler funds has also enabled many to borrow with a repayment period of 14 days. The mobile money sector continues to see increased borrowing with the latest reports revealing that Kenyans borrow Millions daily from mobile money platforms.
Last year’s figures translate to a Sh1.57 billion daily borrowing compared to Sh1.2 billion and Sh972.3 million over a similar period of 2021 and 2022 respectively.
