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Thursday, January 30, 2020

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

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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.

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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.

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