With the launch of Ziidi Shariah Money Market Fund, Safaricom continues to expand its financial services portfolio to match the rising demand that has been occasioned by Kenya’s expanding society. Ziidi Shariah is designed to expand access to Shari’ah-compliant investment through a simple and easily accessible digital experience.
The launch of Ziidi Shariah reinforces M-PESA’s evolution from a payments and transfers platform to a comprehensive financial services ecosystem that enables customers to save, invest and build wealth.
M-PESA continues to expand its service portfolio to ensure that it serves as many Kenyans as possible while offering a fulfilling customer experience. The new money market fund will leverage the MPESA brand to serve customers of the Muslim faith.
What this means is that it has been structured to meet the investment needs of customers from the Muslim faith who adhere to shariah rules and regulations when investing. What is important to note is that this does not mean that it excludes customers from other faiths who might still want to try it out. Anyone can access and use the platform; its launch is only an initiative by Safaricom to expand customer options while addressing the core needs of its customer segments.
As Safaricom CEO Peter Ndegwa puts it, financial inclusion was the key thinking behind the introduction of Ziidi Shariah Money Market Fund.
“Part of driving financial inclusion is about making financial services relevant to the different needs and circumstances of our customers. With Ziidi Shari’ah, we are making investing simple, affordable and accessible, while providing an option that aligns with the values that guide our customers’ lives,” said Ndegwa.
But how can someone get started on their investment journey on Ziidi Shariah? Having already begun my investment platform on the Money Market Fund, here is how you can get started and grow your savings on Ziidi Shariah.
How to register or opt in
There are two ways investors or customers can register and start saving on Ziidi Shariah. The first is by use of USSD Code and the other is by opting in using Safaricom’s My OneApp application
- Registration via My OneApp application
To register via My OneApp, you will need to install the application on your phone and complete the necessary requirements to activate Mpesa and Safaricom services within the app. This involves opting in with your registered Safaricom phone number.
Once you have registered, the second step is to navigate to the ‘My Finances’ section within the app. Under this section you will see a number of mini-programs listed. One of the mini-programs or services is Ziidi Shariah.
The next step is to click on the Ziidi Shariah mini-program within the app. After clicking, you will be redirected to a ‘Terms and Conditions’ page where you will read them and, if in agreement, click ‘Agree.’
After that, the next step will be to input your MPESA PIN. This is required because MPESA has to verify that it is actually you and not someone else.
After inputting the PIN, your account automatically opens and a page displaying your investment balance appears alongside a tab to ‘Invest’ and ‘Withdraw.’ If you want to invest, you can click on the ‘Invest’ tab and a pop-up window will appear requiring you to input an amount that will be less than or equal to your M-PESA balance. A pin will be required for the transaction to complete.
Just like that, your investment journey will be underway.
- Registration via USSD Code
Unlike using My OneApp that requires a smartphone, using USSD Code can get your investment journey underway even while using a features phone.
To get started via USSD Code, you will need to dial the USSD Code *334#. A list of menu options will appear on the screen of your phone. From the list, select ‘Financial Services.’ You will be redirected to a page with further menu options. From the options, select ‘ZIIDI’ which is the topmost item on the pop-up window.
After selecting ‘ZIIDI’ you will be taken to another page where you will select ‘Ziidi Shariah’ from the list of menu options.
You will then be redirected to a window where you will see a link to the terms and conditions. Upon reading, you can click ‘Agree’. You will then enter your MPESA PIN to confirm.
You will then see a list of menu options including ‘Invest, My Portfolio and Withdraw.’ You can use these to start your investment journey and track your savings.
It is important to note that all deposits are made from your MPESA and all withdrawals are done to your MPESA. This gives you an extra advantage because there are no charges involved when transferring your money to your investment account or when withdrawing to your MPESA account.
How To Grow Your Savings After Opting In To Ziidi Shariah
Once your account is set up, you can set targets for your investment journey and watch your savings grow as per the set interest rates.
Ziidi Shariah is regulated by the Capital Markets Authority (CMA) and invests in accordance with Shariah principles under the oversight of GCIB’s Shariah Supervisory Board. The fund operates independently from Safaricom’s conventional Ziidi Money Market Fund.
Customers can track their daily profit, make free deposits into their Ziidi Shariah account and withdraw funds into their M-PESA wallets at no cost, giving them flexibility to manage their investments according to their financial needs. Customers also have the option to lock funds to encourage disciplined investing and reduce unplanned withdrawals.
While there is no maximum investment limit, M-PESA transaction limits apply, including a daily limit of KES 500,000 and a per-transaction limit of KES 250,000.
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