As we kickstart the new year, Safaricom’s Mali has emerged as a hot topic, sparking conversations and stirring up curiosity from people who want to know how those who invested last year faired on to those who are looking for a good investment vehicle to jump on. But what exactly is Mali? Let’s dive into the details and see if it deserves a spot in your financial portfolio.

What is Safaricom’s Mali?

Mali is a two-pronged financial product Safaricom offers in partnership with Genghis Capital. It combines a unit trust fund for long-term investment with a micro-savings and loan service for everyday needs. Think of it as a one-stop shop for growing your wealth while managing daily finances, seamlessly integrated with your M-PESA account.

Why is Everyone Talking About It?

Here are a the two main reasons why Mali is generating so much buzz right now:

  • Accessibility: Mali allows investing as little as Ksh 100 into the unit trust fund, making it accessible to a wider audience.
  • Convenience: You can manage everything through your familiar M-PESA menu or app, eliminating the need for separate apps or bank visits.

The Numbers Speak:

  • Over 1 million Kenyans have already signed up for Mali.
  • The unit trust fund has seen over Ksh 1 billion ($9 million) invested in just a few months.
  • Users are reporting average returns of 5-7% on their investments.

How to Sign Up for Safaricom’s Mali:

Joining Mali is pretty straightforward (although according to social media, they are not accepting any new signups). You can easily access Safaricom Mali by using the M-Pesa App. Here are the steps:

  1. Open the M-Pesa app
  2. Tap on Services
  3. Select ‘Mali’
  4. Opt-in
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You can also access Mali by dialing *230# and choosing Mali (it will be the first option), or *334# and choosing option 5 (Financial Services), then choosing option 1 for Mali1.

Is Mali Right for You?

While Mali offers exciting possibilities, it’s crucial to consider your individual financial goals and risk tolerance before investing. Do your research, understand the fees involved, and seek professional advice.

Fees Involved:

Mali promises to offer a 10% interest annually. However, there are some fees you should expect, which include:

  • 2% fund manager fee charged per annum by Genghis Capital.
  • Trustee (Bank) fee which is 0.2% per annum.
  • 0.15% per annum as custodial fee subject to a minimum fee of Ksh 10,000 per month.
  • 15% withholding tax charged by the Government on the investment fund.
  • M-PESA Transaction Charges: Standard M-PESA charges apply for deposits and withdrawals from your Mali account.

Final Thoughts:

Safaricom’s Mali has undoubtedly captured the Kenyan market’s imagination. Its accessibility, convenience, and potential for growth make it a compelling option for those seeking to manage their finances and build wealth.

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Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

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