Mali is a new product by Safaricom that is targeted at M-PESA customers. Through Mali – Swahili name for Wealth, M-PESA users can be able to invest from as low as KES 100 to a maximum of KES 70,000 and earn an interest of 10% annually.
To register, customers have to dial *230# from their M-PESA number. You will be prompted to agree to the terms and conditions, after which M-PESA will prompt you to enter your PIN. After that, you have to provide an email address followed by the contacts of the next of kin.
To invest on the platform, you can use USSD or via Paybill number. Mali is available to all M-PESA customers as long as you have been active for the last three months, and your line has not been replaced in the previous 3 days.
Since Mali is an M-PESA product, customers will be able to withdraw their funds instantly, either in full or partially. It also boasts free deposits and withdrawals, which is a good bet.
Tax still applies to Mali; you will have to pay a 15% withholding tax on the interest earned.
Currently, I have tried registering for the service, but it fails on the third step, where I need to provide my email address.
However, the product is still under testing and just being able to successfully go through the initial steps means it will possibly be launched officially in the near future.
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