How to Join Mali by Safaricom: A Comprehensive Guide
Safaricom, Kenya’s leading telecommunications provider, is renowned for introducing game-changing innovations that make life easier for its users.
If you’ve been looking for a simple way to grow your savings and start investing without the complexity of traditional banking products, look no further.
One of it’s latest and unique products is known as “Mali” which is a savings and investment product aimed at helping Kenyans build wealth effortlessly through money market fund investments.
What’s good about it is that it’s simple and easy to join directly from your phone!
Whether you’re a seasoned saver or a newcomer to the world of investments, Mali is designed to fit into your busy life, making wealth creation accessible for everyone.
Ready to start growing your wealth? Here’s how to get started!
What is Mali by Safaricom?
Mali is M-PESA’s Money Market Fund which has been approved by the Capital Markets Authority. A Money Market Fund is an investment product that puts money into low-risk, short-term financial products such as treasury bills and commercial paper.
Mali is an investment tool from Safaricom that allows users to invest money safely and with low risk. It’s a money market fund that’s part of M-PESA and is available on the M-PESA Super App and by dialing *334# in the financial services menu, this ensures that the investment process is convenient, safe, and easily managed through your phone.
It enables Safaricom customers to invest small amounts of money and earn competitive interest rates.
With Mali, you can start investing from as little as Ksh. 100 and earn returns of up to 10% per year, depending on market conditions. This makes it a great option for anyone looking to grow their savings without having a large initial investment.
Why Choose Mali?
Several reasons why you should consider joining Mali by Safaricom:
1. Low Barrier to Entry: You can start investing with as little as Ksh 100, making it accessible to many people.
2. Competitive Interest Rates: Mali offers up to 10% interest annually, which is higher than traditional savings accounts.
3. Convenience: The whole process, from signing up to tracking your investments, is done via M-Pesa App, making it easy to manage your funds from your phone.
4. Flexibility: You can withdraw your money at anytime, making it a great option for both short-term and long-term financial goals.
5. Safe and Regulated: Safaricom partners with licensed financial institutions, ensuring your money is safe and that Mali operates under proper regulation.
How to Join Mali by Safaricom
Joining Mali is a straightforward process, and all you need is your phone and an active M-Pesa account. Follow these steps to get started:
Step 1: Ensure You Meet the Requirements
Before joining Mali, ensure you meet the following requirements:
– You must be a Safaricom subscriber.
– You should have an active M-Pesa account.
– You need to be at least 18 years old to invest in Mali.
Step 2: Dial *230#
Once you’ve confirmed you meet the requirements, the next step is to register for Mali. Open your phone’s dialer and enter *230#, then press the call button. This will bring up the Mali USSD menu, which allows you to interact with the platform.
Step 3: Follow the On-Screen Instructions
After dialing the USSD code, you will see a list of options related to Mali. Follow the prompts to complete your registration. You’ll be asked to:
– Provide some basic information.
– Agree to the terms and conditions of the service.
Step 4: Register and Begin Investing
After completing the registration process, you’ll receive a confirmation message indicating that you are now a Mali investor. At this point, you can begin making investments by depositing money through M-Pesa.
Step 5: Deposit Funds
To start investing, return to the Mali USSD menu by dialing *230# and selecting the “Invest” option. You can then enter the amount you wish to invest, starting with as little as Ksh. 100. The amount will be deducted from your M-Pesa balance, and you’ll receive a confirmation message for the transaction.
Step 6: Monitor Your Investment
Once your investment is made, you can monitor it at any time through the Mali platform. Dial *230#, select the “My Investment” option, and you’ll be able to view details such as the total amount you’ve invested, your returns, and any withdrawals you’ve made.
Step 7: Withdraw Your Money Anytime
One of the great benefits of Mali is that you have the freedom to withdraw your funds whenever you need them. To make a withdrawal, go to the Mali menu by dialing *230#, select “Withdraw,” and enter the amount you want to withdraw. The funds will be transferred to your M-Pesa account almost instantly.
Key Features of Mali by Safaricom
– Investment Amount: You can start investing with as little as Ksh 100, making it highly accessible for everyone.
– Returns: Mali offers competitive returns, with interest rates of up to 10% per year.
– Liquidity: Unlike many traditional investment options, Mali allows you to withdraw your money at any time without penalties.
– Transparency: You can monitor your investments and track your returns easily through the Mali USSD platform.
Frequently Asked Questions (FAQs)
1. How safe is my money in Mali?
Mali is a partnership between Safaricom and a licensed financial institution, meaning your funds are managed by professional fund managers and regulated by the Capital Markets Authority (CMA). This ensures that your investments are secure and handled according to industry standards.
2. How long does it take to withdraw my money?
Withdrawals from Mali are processed instantly and deposited into your M-Pesa account. Hence, a great option for those who may need quick access to their funds.
3. Is there a minimum or maximum investment amount?
The minimum investment amount for Mali is Ksh 100. The maximum amount you can invest is capped at Ksh 300,000.
4. How often is interest paid on my investment?
Interest is accrued daily on your investment and can be tracked through the Mali platform. Returns are calculated based on the prevailing market conditions and the amount you’ve invested.
Mali by Safaricom is an excellent option for anyone looking to grow their savings and make their money work for them. With its low entry barrier, competitive interest rates, and the ability to manage everything from your phone via M-Pesa, it’s a convenient and accessible investment solution for Kenyans from all walks of life. Joining Mali is simple—just dial *230#, register, and start growing your wealth today!
