Fuliza, an overdraft service, has been a big hit, bringing in billions for Safaricom. Think of it as a quick loan that fills the gap when your balance falls short.
However, recently, some users have opted out of the service.
The service experienced a decline in its user base, dropping from 8.1 million subscribers in 2022 to 7.1 million in 2023.
The average revenue generated per user decreased to KES 254.4, representing a 14.6% decline.
That said, Fuliza’s total revenue for the financial year 2023/2024 was KES 3.9 billion, indicating that many Kenyans continue to rely on the service for their day-to-day transactions.
Why opt out?
The fuliza M-PESA fees can add up fast if you’re not careful. Many users typically save money on platforms like KCB-MPESA or M-Shwari.
Charging fees for the overdraft service may seem not to make sense while they can transfer the savings to their accounts and proceed with the payments.
Users may also feel that it is becoming a budden and stressful expereince. This motivates them to take action to opt out and seek other channels.
How to opt out of Fuliza
To opt out of Fuliza, a popular overdraft service offered by Safaricom’s M-Pesa in Kenya, you can follow these steps:
a) Using USSD 234 Code
- Dial *234# on your phone
- Select the Fuliza option (usually option 0)
- Look for the opt-out option on the next screen
- If you don’t see it, then choose 98 to see more options
- Choose Opt Out(typically option 7).
- Confirm the opt-out request, and you will receive an SMS confirming your successful opt-out.
b) Opting out of Fuliza using the M-Pesa mobile app
You can also use your beloved M-Pesa app to cancel your Fuliza subscription:
- Open the M-Pesa app on your phone
- Find “Fuliza M-PESA” in the menu and tap it
- Look for the “Opt Out” option
- Adhere to the steps on the screen to confirm
- Wait for a text message that says you’re no longer using Fuliza
The app displays helpful information, such as your Fuliza limit and the amount you owe. You can also check your mini-statement. Don’t worry – you can always start using Fuliza again later if you change your mind.
Fuliza alternatives
Several mobile loan apps provide financial solutions to the general public. Interest rates vary depending on the platform used.
Prospects are advised to repay loans promptly to enhance their creditworthiness.
It improves credit scores and establishes sustainable, long-term business relationships.
Alternatives are not limited to the Ziidi Money Market Fund, Zenka, Meta, and Tala, among other mobile loan apps.
PRO TIP: Stopping Fuliza might reset your limit to zero when you start again. Think it over before canceling. The choice is yours!
Using these methods lets you manage Fuliza easily. Take control of your M-Pesa account and use Fuliza only when necessary.
Conclusion
Opting out of Fuliza service is a personal decision that can free one from being dependent on mobile loans.
Financial discipline and management can encourage individuals to save money regularly in banks, money market funds, and other investment options.
Content Strategist with copywriting skills cultivated over five years. I have accomplished multiple projects that have yielded valuable results. I am enthralled by business, fintech, and global eco-politics practices that ensure sustainability.
