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Safaricom MALI.
Rank: Elder Joined: 2/7/2007 Posts: 921
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If it's what I am thinking, it will be a game changer with huge potential of driving banks and saccos under.......before then, anyone with details and launching date?
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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Rank: Elder Joined: 2/7/2007 Posts: 921
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Jeez! That's what I call a master stroke. Sleepless nights for financial institutions, no?
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Mtandao wrote:Safaricom is rolling out a new product around M-Pesa that will allow customers to invest as little as KES. 100 in Unit Trusts, while earning daily interest. The product is available for all M-Pesa customers who’ve been active for the last 3 months, and you can join by dialing *230#.
What is Mali?
Mali translates to wealth from Kiswahili.
Defining exactly what Safaricom is doing will be quite tricky right now, given the full details of this product are yet to be made public. A simple way to explain it is that Safaricom, or whomever they’ve partnered with for ‘Mali’, will together, or even perhaps individually, act as the Fund Managers for the Unit Trust, while us the customers will be the investors pooling our resources, and giving them the cash to invest.
To put it simply, Safaricom’s Mali is a vehicle. We are investors. We fill the vehicle with money from as little as KES. 100 to as much as KES. 70,000, and then the driver goes around investing our money in different things while earning us interest. Note that this may not be exactly how Mali works, but that’s the general idea, I believe.
The interest rate is at 10% per annum.
Mali has been on pilot for quite some time, and it seems the product is set to officially go live soon. Some people who earlier on received messages on the product, have already joined.
Requirements to join?
Be an M-Pesa customer for the last 3 months
Make sure you haven’t replaced your SIM card within the last 3 days
If you have multiple M-Pesa numbers, each line will be treated as a different account.
How to sign up to Mali?
Dial *230#
Agree to terms and conditions
Enter M-Pesa PIN
Provide a valid email address, and a next of kin contact
Invest via USSD, or via PayBill number
I’ve tried signing up and all I’m getting is “we couldn’t process request at the moment”. This may be because the product is yet to go live officially.
On the platform, one will be able to access their investments, plus interests. Apart from topping up, one will also be able to instantly withdraw their funds (partial, or full) to their M-Pesa account. If the amount you want to withdraw is more than the M-Pesa limit, one will have option for it to roll over days.
Both deposits, and withdrawals are free. Which is a good thing. However, we are in Kenya, and taxes are inescapable, so there will be a 15% withholding tax charged on the investment income.
When more details on Mali become available, I will update this post. Meanwhile, if you’ve signed up, please share more details in the comment section below. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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In the US there's a platform called Betterment. Similar to this only that any dividends that come up are reinvested. If Mali succeeds and increases its product line, it will finish some of these brokers. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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Njunge wrote:Jeez! That's what I call a master stroke. Sleepless nights for financial institutions, no? True as currently no banks that I know of offering interest on savings at 10 percent per annum
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Rank: Elder Joined: 2/7/2007 Posts: 921
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murchr wrote:In the US there's a platform called Betterment. Similar to this only that any dividends that come up are reinvested. If Mali succeeds and increases its product line, it will finish some of these brokers. I can't see any reason why it will not succeed given the number of Mpesa registered users.There are many who opt to have their money on mpesa wallet than in a bank account given their level of income. When you throw in zero charges for withdrawals and access anytime, the masses will surely be on your side. I like the new Michael Joseph. Simple,honest but still with the eyes on the profits!! Soon, Safaricom will be one of the biggest investment bank around.Quite shrewd 
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Njunge wrote:murchr wrote:In the US there's a platform called Betterment. Similar to this only that any dividends that come up are reinvested. If Mali succeeds and increases its product line, it will finish some of these brokers. I can't see any reason why it will not succeed given the number of Mpesa registered users.There are many who opt to have their money on mpesa wallet than in a bank account given their level of income. When you throw in zero charges for withdrawals and access anytime, the masses will surely be on your side. I like the new Michael Joseph. Simple,honest but still with the eyes on the profits!! Soon, Safaricom will be one of the biggest investment bank around.Quite shrewd True "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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So where will they invest the money. Asking for a friend. In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Angelica _ann wrote:So where will they invest the money. Asking for a friend. Where mutual funds invest "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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murchr wrote:Angelica _ann wrote:So where will they invest the money. Asking for a friend. Where mutual funds invest Ooh they want to bank on genuine numbers, I get it. In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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murchr wrote:Angelica _ann wrote:So where will they invest the money. Asking for a friend. Where mutual funds invest You mean in the so called casino? I eagerly await to hear more about Mali. It seems like we(Kenyans) will soon have our own Safaricom coin(bitcoin). Dumb money becomes dumb only when it listens to smart money
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Rank: Elder Joined: 2/7/2007 Posts: 921
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Angelica _ann wrote:So where will they invest the money. Asking for a friend. Most likely, there is a fund behind it.Safcom might just be a vehicle and since they are trusted by the 39m subscribers, why not? Anyway, I wouldn't give a damn where they put the money. What matters is the convenience,ease and the interest😁 @Funky. Looks like MALI is on beta?
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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Looks good on paper but in reality it's not...like someone said...in which high liquid asset will Safcom invest to achieve the 10% p.a?
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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the deal wrote:Looks good on paper but in reality it's not...like someone said...in which high liquid asset will Safcom invest to achieve the 10% p.a? If Saf guarantees it, then why stress? it's not your problem. Of course, it may be bait and switch once they have you as a customer. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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@thedeal Why is Namibia becoming like other African countries? https://www.aljazeera.co...ed-191201073838635.html   Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 3/1/2019 Posts: 170 Location: Nairobi
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the deal wrote:Looks good on paper but in reality it's not...like someone said...in which high liquid asset will Safcom invest to achieve the 10% p.a? If they partner with a firm like CIC they can definitely do it. CIC has been offering over 9% consistently on the money market fund so 10% is definitely doable with a few extra T&C. Or safcom can setup a similar organization to whatever CIC uses in the back office and save some costs
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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It's a tragedy...good thing we have jailed the culprits...assets and bank accounts frozen...too bad we dont have the death penalty...small countries like Namibia are vulnerable to state capture...
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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NewMoney wrote:the deal wrote:Looks good on paper but in reality it's not...like someone said...in which high liquid asset will Safcom invest to achieve the 10% p.a? If they partner with a firm like CIC they can definitely do it. CIC has been offering over 9% consistently on the money market fund so 10% is definitely doable with a few extra T&C. Or safcom can setup a similar organization to whatever CIC uses in the back office and save some costs How is CIC doing? The 10% p.a is just a bait...
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Rank: Veteran Joined: 7/3/2007 Posts: 1,634
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Njunge wrote:murchr wrote:In the US there's a platform called Betterment. Similar to this only that any dividends that come up are reinvested. If Mali succeeds and increases its product line, it will finish some of these brokers. I can't see any reason why it will not succeed given the number of Mpesa registered users.There are many who opt to have their money on mpesa wallet than in a bank account given their level of income. When you throw in zero charges for withdrawals and access anytime, the masses will surely be on your side. I like the new Michael Joseph. Simple,honest but still with the eyes on the profits!! Soon, Safaricom will be one of the biggest investment bank around.Quite shrewd Becoming a bank by stealth. The only plank left is to apply for a licence. Heck, they even have a digital deposit taking function, through Mpesa, although no one calls it that and they have been recently trying to covert that float into time deposits through the 'it is safe to leave your money in Mpesa, campaign.'. I say more power to Safaricom. With this level of disruptive competition we might even see an end to the shylocking behaviour of normal banks. "The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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