23 C
Kenya
Saturday, September 26, 2020

Safaricom customers to earn 10 per cent interest from saving on M-Pesa

Must Read

KRA unable to trace Sh. 896 billion secretly wired from offshore banks

Cash Hidden Abroad: The Kenya Revenue Authority has lost track of nearly Sh. 1 billion that was wired into...

Visa partners with legend Didier Drogba to champion small businesses

Visa partners with Drogba to champion small businesses and show ‘Where You Shop Matters’ Visa Inc. (NYSE:V) today unveiled a partnership...

Borrowers at Spire Bank default on 90 per cent of all loans given out

Spire Bank Loans: Borrowers at troubled Spire Bank are not paying back loans. The borrowers have defaulted a record...

Saving on MPesa: Safaricom customers are now set to start saving and investing on their M-Pesa. This is after the telco giant started testing the new product that will allow M-Pesa users to invest and earn a 10 percent annual interest. This interest will accrue daily.

The new product will cap savings at Sh. 70,000. It will be known as Mali will aim to allow Safaricom subscribers to invest easily without restrictions.

KRA employee who ‘made’ Sh. 615 million wealth from Sh. 100,000 salary

Savers will be able to invest money through USSD code *230 # or via a PayBill number. To qualify, one will be required to be a registered M-Pesa user for over three months.

“The product is supposed to encourage savings where you can put in money and withdraw the next day, but you will have earned something on the money since interest is calculated per day,” a report in the Business Daily said. “At 10 percent, Safaricom will be offering nearly double the current interest that banks are paying on savings.”

M-Pesa has around 20 million active users in Kenya and it has become the principal driver of Safaricom’s profit growth, as revenue from traditional voice and text services has flattened off. Safaricom currently offers a savings product in partnership with NCBA through M-Shwari with those saving up to Sh. 20, 000 earning annual interest of three percent, four percent for Sh. 50, 000 and five percent above Sh. 50, 000. Saving on MPesa.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

188,597FansLike
11,005FollowersFollow
195FollowersFollow
292SubscribersSubscribe
WhatsApp
Telegram

Latest News

Sacked senior Equity manager now demands Sh. 133 million pay

A senior banker who was fired from Equity Bank less than two months ago has now sued to get...

Equity Afia Opens 3 New Medical Centres In Kitengela, Ngong And Along The Eastern Bypass

Equity Afia Opens 3 New Medical Centres In Kitengela, Ngong And Along The Eastern Bypass Equity Afia, the medical franchise of Equity Group Foundation (EGF),...

Jumia partners with leading brands Samsung, Bruhm, Xiaomi, Nivea to make quality products more affordable

Jumia partners with leading brands Samsung, Bruhm, Xiaomi, Nivea & others in new campaign to make quality products more affordable Africa’s leading e-commerce platform, Jumia...

Sacked senior Equity manager now demands Sh. 133 million pay

A senior banker who was fired from Equity Bank less than two months ago has now sued to get Sh. 132.7 million from the...

Carrefour to Open Three Stores in Mombasa

Carrefour to Open Three Stores in Mombasa Carrefour, operated in Kenya by Majid Al Futtaim, is expanding its retail footprint across the country with the...

More Articles Like This