Safaricom has launched Mali a new investment project. This project is meant for Safaricom subscribers that aim to save.
Through Mali, registered MPesa users will have access to save between Ksh100-Ksh70,000. The savings will attract an annual interest rate of 10%.
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Although Mali is still in a pilot phase, MPesa users can register on it via *230# USSD code. Users need a valid email, home address and a next of kin’s contact to register. They also need to have used MPesa for three months before registering. Mali will be available on the Safaricom App once it has been fully rolled out.
MPesa users will have access to their investments immediately after registration. However, the interest will be subject to 15% withholding taxes. Users can top up their investment in Mali via the USSD code or the Paybill on Safaricom Sim Tool Kit.
The new investment project allows users to partially or fully withdrawal their funds. Once a withdrawal is initiated, Mali credits the user’s MPesa account.
A statement by Safaricom reads; “Mali is one such innovation that is currently in early testing stages and is still subject to ongoing engagement with authorities for approval”
Transactions on Mali is free of charges. However, MPesa users who just replaced their sim cards within 3 days are not eligible to register.
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