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 maximum amount a customer can invest is Ksh 300,000 per day. The wealth management tool is accessible via the M-Pesa app and via USSD code *334#. The tool gives you a 10% annual interest (earned daily). All deposits and withdrawals from the investment tool are free and subject to Mpesa limitations of any amount between Ksh 100 – Ksh 150,000.
To join Safaricom Mali Investment, you need to fulfill the following requirements.
- You must be 18 years and above
- 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
Safaricom Mali fees and charges
While there are no transaction costs when moving money to and from Mali, as an investment tool there are charges that apply.
- Withholding fee – The government charges 15% withholding tax on investment fund and not interest earned
- Fund manager’s fee – The fund manager charges a 2% fee per annum
- Trustee’s fee – The trustee charges a 0.2% fee per annum
- Custodial fee – The custodian charges a 0.15% fee per annum, subject to a minimum of Ksh 10,000 per month
How to register for Safaricom Mali Investment
To sign up for Safaricom Mali Investment follow the following procedure:
- Dial *334#
- Select option 5 ‘Financial Services’
- Select ‘MALI’
- Agree to terms and conditions
- Enter M-Pesa PIN