Kenyan telecommunication company Safaricom has launched a new digital saving product called Mali. The new product will be available to Safaricom M-Pesa customers.
Through Mali, Safaricom M-Pesa customers will be able to save as little as 100 and a maximum of 70,000 daily. Mali will offer a return of 10% in interest annually.
To register for Safaricom Mali, M-Pesa customers should dial *230# from their Safaricom M-Pesa mobile phone. They will need to say yes to the terms and conditions, key in their M-Pesa PIN and then add a valid email address plus a next of kin contact. Safaricom is apparently planning to include Mali on the Safaricom app. The app is available on Android and iOS.
Customers who have registered for M-Pesa for over 3 months are eligible to use Mali. Additionally, if a user has multiple M-Pesa registered numbers, each line will be treated as a separate account. However, customers who replaced their sim cards in the last three days are not eligible.
You can top up your Safaricom Mali account through USSD or via a PayBill number. Mali will allow customers to top up any amount between Ksh. 100 and Ksh. 70,000.
Mali will allow for withdrawal, of either part of the funds in your accounts or all of the funds. When withdrawn, the funds will be credited to the customers M-Pesa wallet. In case a customer wishes to withdraw beyond M-Pesa limit, the payment will roll over days until the full amount is withdrawn.
Both deposits and withdrawals on Safaricom Mali are free.