To celebrate its 25th anniversary, Safaricom will reward its M-PESA customers with a new investment product, Ziidi Money Market Fund. M-PESA is also celebrating a milestone birthday as it was launched in March 2007. M-PESA, Safaricom’s mobile banking solution, has been active for 18 years and is active in more than 170 countries serving over 70 million customers.
The Ziidi Money Market Fund by Safaricom
To celebrate its 18th anniversary, Safaricom has now launched the Ziidi Investment platform with Ziidi Money Market Fund (MMF), which enables M-PESA customers to invest in a money market fund and gain interest on their savings daily. A money market fund is a low-risk mutual fund that gives investors a higher yield. In the Ziidi MMF, funds can only be invested and withdrawn via M-PESA.
Your funds remain secure through M-PESA’s secure system. You’ll need your M-PESA PIN to access Ziidi MMF. Customers can access Ziidi MMF through any phone they have. No extra paperwork is needed.
To gain access to Ziidi MMF on USSD code, dial *334#. Select “Financial Services” then select Ziidi to get started.
How Ziidi Money Market Fund works
The funds are invested in government securities like Treasury bills and interest-earning accounts. The interest rate changes daily. The interest earned reflects each day. You can see it by logging on to the Ziidi platform on the M-PESA app or dialling *334#. The funds start earning interest 24 hours after being deposited in the investment account. To see how your investment is progressing, go to the “Investment Performance” section on the Ziidi mini app.
In addition, it has a 2% interest per year management fee, but the returns displayed are a net return. It also has a 15% withholding tax.
You can deposit a minimum of Ksh. 100 and withdraw a minimum of Ksh. 10.
How to give a next of kin access to your account
If you have a next of kin to claim your account in the event of injury, illness or death, they need to come with the following documents:
- A filled Ziidi Next of Kin claims form collected from a Safaricom Retail Shop or Care Desk
- National ID
- Death certificate of the deceased account holder
- Letter of administration/grant of probate
- Letter from local administration recognizing the Next of Kin as the heir.
It’s important to remember that you can’t transfer your account to your next of kin. To transfer ownership of your funds, you’d need to withdraw your funds, opt out of Ziidi, then follow the steps required to transfer your mobile phone number and account. Visit the closest Safaricom Care Desk for further assistance.
What does it mean to lock funds on Ziidi?
This denies you access to your savings like a checking account. It helps keep you accountable and avoid spending outside your budget. It ensures you stick to your financial goals and do not lose out on unplanned spending. You can lock funds for as long as you need to. You can also top up freely. There is no charge for locking or unlocking funds. But the amount locked should be less than the amount available in the Ziidi wallet. Note that you can only unlock all the funds, not just part of it. Unlocked funds become accessible after 72 hours. However, locked funds earn the same interest as unlocked funds.
Important things to remember
The Ziidi MMF is easy to use and lets customers start saving with as little as Ksh 100. However, there are some important things to remember.
- There is no maximum transaction limit but M-PESA daily limits will still apply.
- When you transfer your money to Ziidi, you will be able to start earning interest.
- There are no maintenance fees and no transactional fees when withdrawing or depositing.
- Ziidi provides real-time access. When you withdraw, your funds will appear immediately in your M-PESA account.
To get direct support about Ziidi, contact the Safaricom Customer Care Centre. For pre-pay customers, dial 100 or 0722002100 or email [email protected]. For post-pay customers, dial 200 or 0722002100 or email [email protected]. Contact Safaricom on Twitter (now X.com) or Facebook.
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