Investors in the new Safaricom product Mali will secure a 10 per cent annual interest rate on their investment, making it an attractive option for people looking to put away some money to gain returns.
Powered by M-Pesa and allowing investors to invest as little as sh100, Mali is primed for people who want to learn more about investments through low risk options. Investors can invest up to a maximum of sh70, 000 per top up, the same limit you can send one M-Pesa transaction.
The daily transaction limit of sh70, 000 will also apply, since Central Bank of Kenya (CBK) has yet to approve an increase. The same will apply for withdrawals. Payments will roll over to the ensuing days intil the full investment pays off.
To invest, Mpesa users only need to register using the USSD code *230#, providing a valid email address and a next of kin contact. Safaricom will soon be rolling out the tool via My Safaricom App.
In a break from normal investments of the kind, like treasury bonds and bills, Mali will allow for instant withdrawals, of either partial or all funds, credited to the M-Pesa wallet. The withdrawal interests are subject to Withholding Tax.
To maximize on the potential to invest, a user with multiple M-Pesa registered number will see each line treated as a separate account. It is currently available to those registered for over three months.
Mali adds to Safaricom’s breadth of financial products. Others are Fuliza, Mshwari, Lipa Na Mpesa, paybill number.