Safaricom mali is an investment product that allows Mpesa customers to invest in unit trusts, for as low as Ksh 100 and earn daily interest.
The wealth management tool, Mali (Swahili, for Wealth), is accessible via the My Safaricom app and via USSD code *230#. The tool gives you a 10% annual interest (earned daily) return subject to interest withholding taxes. Investments will be accessible instantly with users being able to top up via USSD or a pay bill number. All deposits and withdrawals from the investment tool are free and subject to Mpesa limitations of any amount between Ksh 100 – Ksh 70, 000.
The Safaricom Mali service seems slightly different from the already existing M-Shwari savings service in that the latter is in partnership with NCBA, a financial institution, while the former is a product exclusively by Safaricom and offering higher interest rates and no fees to use the service.
Requirements to register for Safaricom Mali
To join Safaricom Mali Investment, you need to fulfill the following requirements.
- You have to be an M-Pesa customer for the last 3 months.
- You haven’t replaced your SIM card for at least 3 days.
- If you have multiple M-Pesa numbers, each line will be treated as a different account.
How to register for Safaricom Mali Investment
To sign up for Safaricom Mali Investment follow the following procedure:
- Dial *230#
- Agree to terms and conditions
- Enter M-Pesa PIN
- Provide a valid email address and a next of kin contact
- Invest via USSD, or via PayBill number