Fuliza 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. But recently, some users have been opting out of the service.
The service experienced a decline in its user base, dropping drom 8.1 million subscribers in 2022 to 7.1 million in 2023. The average revenue generated per user fell to KES 254.4, marking a 14.6% decrease.
That said, Fuliza’s total revenue for the financial year 23/24 was KES 3.9 billion, showing that many Kenyans still rely on the service for their day to day transactions
Why the opt outs?
The fuliza M-PESA fees can add up fast if you’re not careful. Many users usually have money saved in platforms like KCB-MPESA or M-Shwari, so being charged fees for the overdraft service doesn’t make sense when they can just transfer the savings to their accounts and proceed with the payments.
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) Via USSD 234 Code
- Dial *234# on your phone
- Select the Fuliza option (usually option 0)
- Look for the opt-out option in 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) Canceling Fuliza with the M-Pesa app
You can also use your beloved M-Pesa app to cancel 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
- Follow the steps on your screen to confirm
- Wait for a text message that says you’re no longer using Fuliza
The app shows helpful info like your Fuliza limit and how much you owe. You can check your mini-statement too. Don’t worry – you can always start using Fuliza again later if you change your mind.
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 only use Fuliza when you really need it.
