Safaricom CEO Peter Ndegwa during celebrations to mark M-Pesa’s 18th birthday at Safaricom headquarters, Nairobi, on March 7 /LEAH MUKANGAISafaricom's newly launched Ziidi Money Market Fund (MMF) has continued to attract new customers two weeks since its launch.
According to the telco's CEO Peter Ndegwa, the service has so far surpassed the one million customer mark.
"It is very popular. We have gotten a million customers who have registered so far," he said Friday night during a TV interview.
He revealed that the launch of MPesa @18 on March 17 helped attract an additional 100,000 new customers.
The product, currently, with more than Sh6 billion in funds, allows one to save from Sh100, with a daily limit of Sh500,000.
Through the service, customers can control, grow and manage their finances and wealth with free deposits and withdrawals via their M-Pesa wallet.
The interest earned is accrued to the Ziidi wallet daily, allowing the investor’s money to grow and, therefore, generate more value.
The unit trust enables customers to earn interest by investing funds from their M-Pesa wallet into the Ziidi account.
Ziidi got the regulatory approvals in November 2024.
Safaricom partnered with two fund managers, Standard Investment Bank and ALA Capital, to bring the product to the market.
The fund is regulated by the Capital Markets Authority (CMA) and managed by a pool of fund managers.
Ndegwa also used the opportunity to urge Kenyans especially the small business traders to register so that they can benefit.
He emphasised the need to cultivate a culture of savings. "We do not have a strong savings culture in this country but this product is democratising ability to save and invest," he said.
