Safaricom, Kenya’s giant telecommunications company is at it again, this time with a new product called Mali that will see M-Pesa users earn interest upon investing as low as 100 shillings and as high as 70,000 shillings.
Although the telecommunications giant has not given more details concerning the new product, Kenyans seem to already be warming up to it with the majority calling it a “gamechanger.”
In reality, Safaricom is trying to set up a digital Money Market Fund and given its M-Pesa customer base of 24 million, the move by Safaricom is set to shift ground for money market funds in Kenya.
Mali is a Swahili word that means Wealth and is set to be open to any active M-Pesa users who will invest between 100 shillings and 70,000 shillings and earn an interest of 10 percent annually.
Customers who will subscribe to the product will enjoy services as instant withdrawals of their investment, partially or in full with no extra transaction charge.
What do you need to join Mali?
You must have a Safaricom number (SIM card)
You must be an M-Pesa customer for the last three months
you must make sure that you haven’t replaced your SIM Card within the last three days
If you have multiple M-Pesa numbers, each number will be treated as a different account
How do you join Mali?
On your phone, dial *230#
Agree to the Terms and Conditions
Enter M-Pesa PIN
Give details of your valid email address, and the next of kin contact
You can then invest via USSD, or via PayBill number
There is no much information about the Mali product but our team is on the lookout and in touch with Safaricom to give you as much and instant information about this new product as soon as we receive it.
Meanwhile, if you are looking for somewhere to start saving your money and earn interest, Mali is the product you should wait for, given that the process will put you in control of everything from investing, withdrawing with no paperwork.