MALI Fund
Frequently Asked Questions:
What is MALI Money Market Fund?
Mali is a Money Market Fund approved by the Capital Markets Authority that allows M-PESA customers to invest in Unit Trusts from as low as KSH 100 and earn daily interest.
How do I access MALI?
The service is currently available on USSD *334# and will soon be available on the M-PESA App.
How do I register for Mali?
Dial *334# > Select 5 Financial services > Select 0. MALI > Select Accept the T&Cs > Enter M-PESA PIN. You will receive a confirmation message.
What interest do I earn for investing in MALI?
Investing in MALI will give a return of up to or as high as10% compound interest annually *Past performance is not a guide to future performance. Value from investments and income may go up as well as down, and in certain circumstances, the right to redeem the units may be suspended. Effective annual yield is net of fees and gross of withholding tax.
What are the taxes payable on an investment in the fund?
Unless an investor is tax exempt, a Withholding Tax of 15% of interest earned is remitted to KRA. Funds withdrawn are therefore net of taxes and not subject to further taxes.
What are the transaction charges for using MALI?
Investing/saving and withdrawals from the MALI account will be free.
Can I deposit or withdraw funds from MALI directly to an agent or to the bank account?
No. Customers will invest funds from their M-PESA accounts and or withdraw funds from their MALI accounts to their M-PESA accounts.
How much can I save/invest in MALI?
There is no maximum investment in Mali. However, the daily M-PESA transaction limit of Ksh.300,000 and per transaction limit of Ksh. 150,000 are applicable. The minimum amount to Invest is Kshs.100, and the minimum amount you can withdraw is Kshs.50.
Who and What should I provide for the next of Kin claims?
Next of Kin is the person whose details you update on MALI and in the event of incapacities such as sickness, mental instability, and death they can have access to your funds.
The customer (Next of Kin) will provide the following documents:
- A duly filled Mali next of kin claim of funds form
- Identification document (ID)
- Death Certificate
- Grant of Probate/Letter of Administration
- Letter from local Administration ascertaining the heir.
Which channel should I use to make Next of Kin claims?
Visit the nearest Safaricom retail shop and care desks.
Can I change ownership of my Mali Account to my Next of Kin?
No. In case you need to change ownership of the MALI Account, you need to withdraw all your funds and close the account and follow the current change of line ownership and change of account details.
After the line change, your Next of Kin details are captured, and they can now opt-in to MALI to enjoy its services. The new owner of the account will need to opt in to MALI to enjoy its services.
What happens if I attempt to close an account with funds?
You will receive a prompt that advises you to withdraw all the funds before closing your MALI account. If you choose to withdraw funds and close the account, the funds will automatically be transferred to your M-PESA account.
How can I claim funds from a recycled SIM card?
To claim funds from a recycled SIM card, you will fill in a claims form and present your ID at the Safaricom retail centers and care desks,
Where do I get support for Mali?
For support and inquiries, visit any Safaricom Retail Center or call Safaricom Call Center on 100 for pre-paid/200 for post-paid.