The region’s most profitable company Safaricom is introducing an investment tool dubbed Mali, which will allow MPesa users to invest as little as 100 for daily interest.
Mpesa users will be able to register Mali using the USSD code *230#, providing a valid email address and a next of kin contact. Safaricom is also looking to roll out the tool via My Safaricom App.
The wealth management tool will give a return of 10% interest annually.
Investors on the service will be able to access their investments instantly, with interest subject to withholding taxes. Customers can top up their investment using USSD or via the Paybill on Safaricom Sim Tool Kit. Mali allows customers to top up any amount between KSh 100 and 70,000.
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Mali will allow for instant withdrawals, of either partial or all funds, credited to the M-Pesa wallet. In case a customer wishes to withdraw beyond MPesa limits, the payment will roll over days until the full investment pays off.
Deposits and withdrawals from the investment tool are free.
Eligibility for Mali Service
Any user registered for M-Pesa for over 3 months is eligible to join Mali. However, if a user has multiple M-Pesa registered numbers, each line will be treated as a separate account.
Customers who replaced their sim cards in the last three days are not eligible.