Kenyans have invested over Sh. 2.8 billion in the Safaricom Ziidi Money Market Fund. These investments have taken place in less than two months since the Safaricom Ziidi MMF opened to the public.
According to a disclosure by the telecommunications giant, the Ziidi Money Market Fund has attracted over 450,000 opt-ins with over Sh. 2.85 billion assets under management.
This disclosure was made on Tuesday when Safaricom officially launched the MMF that is a partnership with the Standard Investment Bank and ALA Capital Limited.
“Ziidi MMF is part of our continued efforts to diversify M-Pesa beyond payments and deepen financial wellness. “Ziidi ni Ziidi” introduces the mindset that a little goes a long way, and any kind of growth is valuable. This empowers people to define prosperity on their own terms, and make wealth creation achievable to all,” said Safaricom chief executive officer Peter Ndegwa.
The MMF has given investors the space to start investing in the fund with as little as Sh. 100. Safaricom says that those who wish to invest in the fund can opt-in through the M-Pesa app or through the USSD by dialing the short code *334*5# after which they can start investing.
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Safaricom says that funds can only be invested or withdrawn via M-pesa with invested funds instantly accessible. “Ziidi MMF is zero-rated, meaning you won’t be charged any transaction fees for deposits or withdrawals. Ziidi MMF has no maintenance fees,” states Safaricom.
