Kenyan telco giant Safaricom is soon introducing “Mali,” an investment tool that will allow M-Pesa users invest as little as US$ 1(KES 100), which will accrue interest daily.
Safaricom subscribers, who are also M-Pesa users will be able to register for Mali via USSD (code *230#), and soon via the Safaricom App.
Mali users will need to provide a valid email address and the contact to their next of kin contact.
Any user that has been on the Safaricom network for 3 months is eligible to invest on the Mali platform.
Mali aims to return a 10% annual interest to investors.
Users will be able to access their investments for full or partial withdrawal instantly. They could top up their investment with any amount between US$ 1 and US$ 700, via USSD or Paybill.
All interest earned will be subject to withholding taxes.
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Withdrawals from Mali will be deposited in the user’s M-Pesa account.
Should the withdrawal exceed M-Pesa’s daily limit, the payment will be credited to them over the course of a number of days until the entire investment is paid.
Mali won’t charge any fees for deposits or withdrawals.
Multiple M-Pesa accounts will be treated as a separate accounts when registered on Mali.
