Fuliza, M-Shwari and KCB M-PESA all sit inside M-PESA, but they charge in different ways. Fuliza, an overdraft, costs a 1% access fee plus KSh 0 to 30 a day while M-Shwari and KCB M-PESA, both one-month loans, charge a one-off fee of 8.80% to 9% of the loan. Which is cheaper depends on how much you borrow and how fast you repay.
Every figure below comes from Safaricom, NCBA or KCB and is listed with its date under Sources. Where a lender doesn't publish something, we say so. Where two official pages disagree, we show both.
Key takeaway:
On KSh 5,000 repaid within about two weeks, Fuliza is cheapest (KSh 260 for 7 days). Held for 30 days, the same KSh 5,000 costs KSh 950 on Fuliza against KSh 440 to 450 on M-Shwari or KCB M-PESA. On big balances Fuliza's daily fee stops at KSh 30, so KSh 20,000 for 30 days costs KSh 1,100 on Fuliza against KSh 1,760 to 1,800 on the loans. These are our calculations from the published fees; see the scenarios below.
Quick Comparison Table
| Product | Type | Published price | Limits | Repayment | Best For |
|---|---|---|---|---|---|
| Fuliza M-PESA | Overdraft | 1% access fee + KSh 0 to 30 a day (incl. 20% excise) | Not published by Safaricom (fee bands end at KSh 70,000) | Auto-deducted from incoming M-PESA; 30-day term | Short gaps cleared within days |
| M-Shwari | 30-day loan (NCBA) | 7.5% fee + 1.5% excise = 9% | KSh 100 to 50,000 (NCBA Key Facts) | 30 days; unpaid principal rolls over at 7.5% + excise | 30-day needs up to KSh 50,000 |
| KCB M-PESA | One-month loan (KCB) | 8.93% (Safaricom page) or 8.80% (KCB page); excise not stated | From KSh 100 (Safaricom) or KSh 1,000 (KCB) up to KSh 1 million | One month | Larger one-month loans |
Sources: Safaricom, Fuliza M-PESA product page (last updated 23 June 2025); NCBA, M-Shwari Key Facts Document (revised 8 March 2024); Safaricom, M-Shwari page (last updated 28 May 2024); Safaricom, KCB M-PESA page (last updated 22 July 2025); KCB, KCB M-PESA loan page (undated, read 27 September 2026)
Detailed Product Comparison
1. Fuliza M-PESA: the overdraft
OVERDRAFTLenders: KCB, NCBA and Sidian Bank (T&Cs, 1 Jul 2026) • Live since 5 Jan 2019
What is Fuliza?
Fuliza is an overdraft, not a term loan. When your M-PESA balance is too low to send money, pay a till or paybill, or buy airtime, Fuliza covers the shortfall up to your limit. Safaricom's FAQ says you can also withdraw cash at an agent using Fuliza. You need at least 6 months on the Safaricom network; newer lines get a zero limit.
How Fuliza Works:
- You try to send KSh 500 but have KSh 200 on M-PESA
- Fuliza covers the KSh 300 shortfall and charges a 1% access fee (KSh 3)
- From midnight the balance attracts a daily fee: KSh 3 a day in the KSh 101 to 500 band
- The next money into M-PESA clears the balance automatically, fees first (T&Cs clause 9.5)
What Fuliza costs:
- • Access fee: 1% of the amount used, charged once (published tariff; the T&Cs, clause 2.17, name 1.083% as the contract rate, and Safaricom shows the exact charge before you confirm)
- • Daily fee incl. 20% excise: KSh 0 (balance up to 100), 3 (101 to 500), 6 (501 to 1,000), 21.60 (1,001 to 1,500), 24 (1,501 to 2,500), 30 (2,501 to 70,000)
- • The daily fee runs only during the 30-day term and is capped at KSh 30 a day. Safaricom's FAQ and 2022 announcement describe a 3-day free period on balances of KSh 1,000 and below; the current tariff table doesn't show it.
Worked example (our calculation):
Use KSh 1,000 for 7 days, with no money coming in
- • Access fee (1%): KSh 10
- • Daily fee: 7 × KSh 6 = KSh 42
- • Total cost: KSh 52 (5.2% of the amount)
- • If the 3-day free period applies: 4 × KSh 6 = KSh 24, so KSh 34 in total
Fuliza Pros:
- ✓ No application: it works inside the transaction
- ✓ Works for Send Money, Buy Goods, Paybill, airtime and agent withdrawals
- ✓ Cheapest of the three for balances cleared within days
- ✓ The daily fee stops rising at KSh 30, so large balances are relatively cheap
Fuliza Cons:
- ✗ Balances of KSh 1,001 to 2,500 are expensive: KSh 21.60 to 24 a day
- ✗ Every incoming M-PESA payment goes to clear the balance first
- ✗ Access is suspended if anything is unpaid after day 30
- ✗ Safaricom does not publish a minimum or maximum limit, or when a default reaches a CRB
Best Use Case:
Shortfalls you can clear within about two weeks. On KSh 5,000, Fuliza costs less than M-Shwari up to 13 daily fees (KSh 440 against KSh 450).
Sources: Safaricom, Fuliza M-PESA product page (last updated 23 June 2025); Safaricom, Fuliza M-PESA FAQ (last updated 19 May 2025); Safaricom, Fuliza M-PESA terms and conditions (last updated 1 July 2026); Safaricom press release: Safaricom, NCBA and KCB restructure Fuliza with free daily fees (28 September 2022, effective 1 October 2022)
2. M-Shwari: the NCBA 30-day loan
30-DAY LOANLender: NCBA with Safaricom • Limit KSh 100 to 50,000 • Limit reviewed every 90 days (Key Facts, 8 Mar 2024)
What is M-Shwari?
M-Shwari is a 30-day loan from NCBA, run through M-PESA. You borrow a set amount, pay a 7.5% facility fee and repay within 30 days. Excise duty on the fee is taken when the loan is paid out, so you receive slightly less than you borrowed.
How M-Shwari Works:
- Borrow within your limit (KSh 100 to 50,000, per NCBA's Key Facts)
- Excise of 1.5% of the loan is deducted before the money reaches M-PESA
- Repay the loan plus the 7.5% fee within 30 days
- Principal still unpaid on day 31 is charged another 7.5% plus excise
- Still unpaid at 120 days: negative CRB listing, after a 30-day notice
What M-Shwari costs:
- • Facility fee: 7.5% of each loan
- • Excise: 20% of the fee, which is 1.5% of the loan
- • Total: 9% of the loan (Safaricom M-Shwari page)
- • Term: 30 days
Worked example (our calculation):
Borrow KSh 10,000 for 30 days
- • Facility fee (7.5%): KSh 750
- • Excise (20% of KSh 750): KSh 150, deducted at payout
- • You receive: KSh 9,850
- • You repay: KSh 10,750
- • Total cost: KSh 900 (9%)
M-Shwari Pros:
- ✓ Fixed, known cost: 9% of the loan
- ✓ Published CRB rules: listing only at 120 days, with 30 days' notice
- ✓ Cheaper than Fuliza on small and mid-sized balances held for more than two weeks
M-Shwari Cons:
- ✗ The fee is charged on each loan, so repaying early doesn't reduce it
- ✗ Maximum KSh 50,000, per NCBA's Key Facts
- ✗ Savings are locked after 30 days overdue and debited on day 61
- ✗ Safaricom's M-Shwari page gives two different ranges (KSh 100 to 50,000 and KSh 1,000 to 1 million); we use NCBA's Key Facts
Best Use Case:
A planned 30-day need of up to KSh 50,000 that you won't clear within two weeks.
Sources: NCBA, M-Shwari Key Facts Document (revised 8 March 2024); Safaricom, M-Shwari page (last updated 28 May 2024); NCBA, change of excise duty collection process FAQ (undated (file dated February 2025))
3. KCB M-PESA: the KCB one-month loan
30-DAY LOANLender: KCB with Safaricom • One-month term • Fee 8.93% or 8.80%, depending on the page
What is KCB M-PESA?
KCB M-PESA is a one-month loan from KCB, run through M-PESA. Its price is a facility fee, but the two official pages disagree: Safaricom's page (updated 22 July 2025) says 8.93%, and KCB's own page says 8.80%. Neither says whether excise duty is included, and we found no KCB M-PESA Key Facts Document.
How KCB M-PESA Works:
- You need a Kenyan national ID and at least 6 months on M-PESA (newer customers get a zero limit)
- Borrow within your limit: from KSh 100 (Safaricom page) or KSh 1,000 (KCB page) up to KSh 1 million
- A facility fee of 8.93% or 8.80% applies
- Repay within one month
- Before you accept, read the fee and any excise on the confirmation screen
What KCB M-PESA costs:
- • Facility fee: 8.93% (Safaricom page, 22 Jul 2025)
- • Loan rate: 8.80% (KCB page, read 27 Sep 2026)
- • Excise on the fee: not published on either page
- • Term: one month
Worked example (our calculation):
Borrow KSh 10,000 for one month
- • Fee at 8.93%: KSh 893
- • Fee at 8.80%: KSh 880
- • Excise: not published, so the final cost may be higher
- • The confirmation screen before you accept shows the figure that applies to you
KCB M-PESA Pros:
- ✓ Lowest published fee of the three for a one-month loan (8.80% on KCB's page)
- ✓ Highest published loan ceiling: KSh 1 million (Safaricom page)
- ✓ Same one-month term as M-Shwari
KCB M-PESA Cons:
- ✗ The two official pages quote different fees
- ✗ Excise treatment is not published
- ✗ The minimum loan differs between pages (KSh 100 or KSh 1,000)
- ✗ No late fee or CRB timeline on the two pages we checked
Best Use Case:
A one-month need larger than your M-Shwari limit allows, once you've confirmed the fee in the app.
Sources: Safaricom, KCB M-PESA page (last updated 22 July 2025); KCB, KCB M-PESA loan page (undated, read 27 September 2026)
Fuliza vs M-Shwari vs KCB M-PESA: Same Amount, Different Costs
Our calculations from the published fees. They assume no money comes into M-PESA to reduce a Fuliza balance, no 3-day free period, and that the M-Shwari and KCB M-PESA fees apply in full even if you repay early. KCB M-PESA figures exclude any excise, which neither page states.
Scenario 1: KSh 5,000 for 7 days
• Fuliza: KSh 50 access fee + 7 × KSh 30 = KSh 260 (5.2%)
• M-Shwari: 9% = KSh 450
• KCB M-PESA: KSh 446.50 (8.93%) or KSh 440 (8.80%)
Cheapest: Fuliza, by KSh 180 or more
Scenario 2: KSh 5,000 for 30 days
• Fuliza: KSh 50 + 30 × KSh 30 = KSh 950 (19%)
• M-Shwari: KSh 450 (9%)
• KCB M-PESA: KSh 446.50 or KSh 440
Cheapest: KCB M-PESA or M-Shwari, within KSh 10 of each other. Fuliza costs about twice as much.
Scenario 3: KSh 20,000 for 30 days
• Fuliza: KSh 200 + 30 × KSh 30 = KSh 1,100 (5.5%), if your limit is that high
• M-Shwari: 9% = KSh 1,800 (KSh 20,000 is within its KSh 50,000 cap)
• KCB M-PESA: KSh 1,786 (8.93%) or KSh 1,760 (8.80%)
Cheapest: Fuliza, because its daily fee stops at KSh 30. Safaricom does not publish whether you'll get a KSh 20,000 limit.
Fuliza, M-Shwari or KCB M-PESA: Which Should You Choose?
Choose Fuliza if:
- ✓ You're a small amount short in the middle of a payment
- ✓ You'll have money coming in within days
- ✓ Your balance is outside the KSh 1,001 to 2,500 range, where the daily fee is highest per shilling
- ✓ You need a cash withdrawal at an agent right now
Choose M-Shwari if:
- ✓ You need up to KSh 50,000 for close to 30 days
- ✓ You want a fixed cost you know upfront (9%)
- ✓ You want published CRB rules (listing at 120 days, after a 30-day notice)
Choose KCB M-PESA if:
- ✓ You need more than your M-Shwari limit, up to KSh 1 million
- ✓ You've checked the fee (8.93% or 8.80%) and any excise on the confirmation screen
- ✓ You can repay within one month
What Happens If You Pay Late
Late payment works differently on each product. This is what each lender publishes:
Fuliza:
Access is suspended if anything is unpaid after day 30 and restored on full repayment. There is no separate late fee. A facility unpaid for 30 days or more is a default: the whole balance falls due, the lender can set off the debt against M-Shwari and KCB M-PESA savings, and the default is reported to CRBs. Safaricom does not publish a day count for the CRB listing (Fuliza T&Cs, 1 Jul 2026).
M-Shwari:
Principal unpaid on day 31 rolls over with another 7.5% fee plus excise. Savings are locked after 30 days overdue and debited on day 61. A negative CRB listing follows at 120 days, after a 30-day notice (NCBA Key Facts, 8 Mar 2024).
KCB M-PESA:
The Safaricom and KCB pages we used give the fee, term and loan range. We found no late fee or CRB timeline on them, so read the terms in the app before you borrow.
Sources: Safaricom, Fuliza M-PESA FAQ (last updated 19 May 2025); Safaricom, Fuliza M-PESA terms and conditions (last updated 1 July 2026); NCBA, M-Shwari Key Facts Document (revised 8 March 2024)
How Limits Grow on M-Shwari and KCB M-PESA
Neither NCBA nor KCB publishes a starting limit or a formula. What Safaricom does publish is the same three-point list for both products under "How to qualify for a loan". Tables that turn a savings balance into a loan limit come from no lender document, so we don't repeat them.
M-Shwari (NCBA)
- Be an M-PESA subscriber for at least 6 months (Safaricom M-Shwari page, 28 May 2024).
- Save on M-Shwari. Safaricom names saving as a way to qualify but doesn't say how much a balance adds.
- Actively use other Safaricom services such as voice, data and M-PESA.
- NCBA reviews your limit every 90 days, and limits run from KSh 100 to KSh 50,000 (Key Facts Document, 8 Mar 2024).
- Repay within 30 days: unpaid principal rolls over on day 31 with another 7.5% fee plus excise, and a CRB listing follows at 120 days.
KCB M-PESA (KCB)
- Be an M-PESA subscriber for 6 months. Customers on M-PESA for 6 months or less get a KCB M-PESA limit of zero (Safaricom KCB M-PESA page, 22 Jul 2025).
- Save on KCB M-PESA, and actively use other Safaricom services such as voice, data and M-PESA (same page).
- You need a Kenyan national ID registered on M-PESA. Accounts registered with a passport number can't activate KCB M-PESA until the ID details are captured at a Safaricom shop.
- KCB says you can "take multiple loans within your limit" (KCB M-PESA loan page). It publishes no review cycle and no maximum per customer.
One rule links all three products: the Fuliza T&Cs (1 Jul 2026, clause 8) let the lenders use your M-Shwari and KCB M-PESA repayment history when they set your Fuliza limit. A late loan on one can lower your limit on another.
Sources: Safaricom, M-Shwari page (last updated 28 May 2024); NCBA, M-Shwari Key Facts Document (revised 8 March 2024); Safaricom, KCB M-PESA page (last updated 22 July 2025); KCB, KCB M-PESA loan page (undated, read 27 September 2026); Safaricom, Fuliza M-PESA terms and conditions (last updated 1 July 2026)
Five Ways to Pay Less
1. Clear Fuliza in days, not weeks
On KSh 5,000, Fuliza costs KSh 260 over 7 days and KSh 950 over 30. If you know you can't repay within about two weeks, a one-month loan at 8.80% to 9% is cheaper.
2. Watch the KSh 1,001 to 2,500 band
A KSh 1,500 Fuliza balance costs KSh 21.60 a day, or KSh 663 over 30 days including the access fee (44% of the balance). Paying it down to KSh 1,000 or less cuts the daily fee to KSh 6.
3. Count the excise on M-Shwari
The 1.5% excise is deducted at payout, so a KSh 10,000 M-Shwari loan puts KSh 9,850 in your M-PESA. Plan for that gap before you borrow.
4. Confirm the KCB M-PESA fee on screen
Safaricom says 8.93%, KCB says 8.80%, and neither says whether excise is added. The confirmation screen before you accept is the figure that counts.
5. Protect your record across all three
Fuliza's terms let the lenders use your M-Shwari and KCB M-PESA repayment history when they set your Fuliza limit. A late loan on one can cost you on another.
Common Questions Answered
Q: Are Fuliza, M-Shwari and KCB M-PESA linked?
A: Partly. The Fuliza T&Cs (1 Jul 2026) say your Fuliza limit may use your M-Shwari and KCB M-PESA repayment history, and after a Fuliza default the lender can set off the debt against your M-Shwari and KCB M-PESA savings.
Q: Which is cheapest?
A: It depends on amount and time. On KSh 5,000, Fuliza is cheapest if you repay within 13 daily fees; after that M-Shwari (9%) and KCB M-PESA (8.80% to 8.93%) cost less. On KSh 20,000 held for 30 days, Fuliza is cheapest because its daily fee is capped at KSh 30.
Q: Do they all report to CRB?
A: Fuliza defaults are reported to CRBs under the T&Cs, but Safaricom publishes no day count. M-Shwari lists you at 120 days, after a 30-day notice. We found no published CRB timeline for KCB M-PESA.
Q: What are the minimum and maximum amounts?
A: Fuliza: Safaricom does not publish a minimum or maximum limit; its fee bands end at KSh 70,000. M-Shwari: KSh 100 to 50,000 (NCBA Key Facts). KCB M-PESA: from KSh 100 (Safaricom page) or KSh 1,000 (KCB page) up to KSh 1 million (Safaricom page).
Q: Is Fuliza a loan?
A: Safaricom calls it an overdraft. Its Chief Financial Services Officer said in 2019: "M-Shwari and KCB M-PESA are term loans. You take a loan and pay within 30 days. For Fuliza, it's an overdraft."
The Bottom Line
- →Short gap, money due within days: Fuliza (KSh 260 for KSh 5,000 over 7 days)
- →Up to KSh 50,000 for close to 30 days: M-Shwari at 9%, or KCB M-PESA at 8.80% to 8.93%
- →A large balance for 30 days: Fuliza can be cheapest, because its daily fee stops at KSh 30
- ★Whatever you choose, repay within 30 days. Late payment on one product can lower your limits on the others.
Related Guides
Fuliza M-PESA Guide 2026
The full Fuliza fee table, how auto-repayment works, what happens after 30 days, and Fuliza vs Tala.
How to Increase Your Fuliza Limit
What Safaricom says sets your limit: 6 months on the network, usage, repayment and a review every 3 months.
How to Check Your CRB Status
All three products report defaults. Check your credit report before you borrow again.
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Sources (all accessed 27 September 2026)
- Safaricom, Fuliza M-PESA product page (tariff, 1% access fee, eligibility), last updated 23 June 2025
- Safaricom, Fuliza M-PESA FAQ (auto-repayment, day-30 rule, agent withdrawals), last updated 19 May 2025
- Safaricom, Fuliza M-PESA terms and conditions (lenders, 30-day term, KSh 30 cap, default, CRB), last updated 1 July 2026
- Safaricom press release: Safaricom, NCBA and KCB restructure Fuliza with free daily fees, 28 September 2022, effective 1 October 2022
- Safaricom newsroom, "Fuliza demystified" (launch, overdraft vs term loan), 6 March 2019
- NCBA, M-Shwari Key Facts Document (7.5% fee, KSh 100 to 50,000, 90-day limit review, rollover, CRB at 120 days), revised 8 March 2024
- Safaricom, M-Shwari page (9% = 7.5% fee + 1.5% excise; how to qualify for a loan), last updated 28 May 2024
- NCBA, change of excise duty collection process FAQ (excise deducted at payout), undated (file dated February 2025)
- Safaricom, KCB M-PESA page (8.93% facility fee, KSh 100 to 1 million; eligibility, zero limit under 6 months, how to qualify), last updated 22 July 2025
- KCB, KCB M-PESA loan page (8.80% loan rate, KSh 1,000 minimum, multiple loans within your limit), undated, read 27 September 2026
- Kenya Law, Excise Duty Act 2015 (20% excise on fees charged by financial institutions), consolidated 1 July 2025