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Safaricom launches Ziidi money market fund

By , Kenya Correspondent
Kenya , 22 Jan 2025
Safaricom partners with investment firms to launch Ziidi Money Market Fund.
Safaricom partners with investment firms to launch Ziidi Money Market Fund.

Safaricom, Kenya's largest telco, has officially launched its second money market fund, which received regulatory approval from the country's Capital Market Authority in November last year.

The product, named Ziidi, was launched in partnership with two fund managers: Standard Investment Bank and ALA Capital Limited.

The telco said the money market fund leverages the convenience of M-PESA to give customers “a simple, faster and smarter way to invest and grow wealth.”

According to Safaricom, the product is a unit trust that allows consumers to earn interest by investing monies from their M-PESA wallets into a Ziidi account.

The interest gained is credited to the Ziidi wallet on a regular basis, allowing the investor's money to grow and generate more value, Safaricom said.

Since its public launch in December 2024, the telco said that the Ziidi money market fund has had over 450,000 opt-ins and manages approximately $22.2 million (KES 2.85 billion) in assets.

“Ziidi Money Market Fund is part of our continued efforts to diversify M-PESA beyond payments and deepen financial wellness. This empowers people to define prosperity on their own terms, and make wealth creation achievable to all,” said Peter Ndegwa, CEO Safaricom.

“As we launch Ziidi MMF, we are making an invitation to every Kenyan, irrespective of their financial standing, to take the first step towards wealth creation. Together, let's embrace this responsibility and let Ziidi MMF be the catalyst for a future where every Kenyan has the means to wealth creation in their own way.”

Safaricom said in addition to the Ziidi Money Market Fund, it intends to innovate and build other solutions to meet the diverse demands of its consumers, all in order to promote financial health and security.

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