Safaricom Opens Shari’ah-Compliant Investment to M-PESA Customers

Ziidi Shari’ah allows customers and businesses to start investing with KSh100 through My OneApp or USSD.

Safaricom has expanded its investment offering with the launch of Ziidi Shari’ah Money Market Fund, giving M-PESA customers access to a Shari’ah-compliant investment option.

The product, launched in partnership with GulfCap Investment Bank (GCIB), allows customers and businesses to start investing with as little as KSh100.

Customers can access the fund through My OneApp or by dialling *334#. Subsequent top-ups start from KSh10, allowing investors to build their savings gradually.

Making Shari’ah-Compliant Investing More Accessible

Ziidi Shari’ah combines Safaricom’s digital platform with GCIB’s investment management and Shari’ah expertise.

The fund operates separately from Safaricom’s conventional Ziidi Money Market Fund. It is regulated by the Capital Markets Authority and operates under the oversight of GCIB’s Shari’ah Supervisory Board.

The product is designed for customers seeking investments that align with Islamic finance principles.

The fund avoids interest, known as riba, and invests in Shari’ah-compliant opportunities. GCIB said it invests in short-term, highly liquid instruments through Shari’ah-compliant banks.

From KSh100 to Regular Saving

The low entry point is designed to make investment accessible to more customers.

Investors can make subsequent contributions from KSh10 and track their daily profit through the platform.

Customers can also deposit into their Ziidi Shari’ah account at no cost and withdraw funds to their M-PESA wallets without a withdrawal charge.

The product also includes a fund-locking option. This allows customers to set money aside and reduce unplanned withdrawals.

There is no maximum investment limit under the fund. However, M-PESA transaction limits still apply, including a KSh250,000 per-transaction limit and KSh500,000 daily limit.

Expanding Financial Inclusion

Safaricom CEO Peter Ndegwa said the product responds to the different financial needs of its customers.

“Part of driving financial inclusion is about making financial services relevant to the different needs and circumstances of our customers,” Ndegwa said.

“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.”

GulfCap Investment Bank CEO Saud Shahbal said the fund gives Muslims and other customers seeking ethical investment options an opportunity to grow their savings within Shari’ah principles.

“The fund invests exclusively in short-term, highly liquid instruments in Shari’ah-compliant banks,” Shahbal said.

M-PESA’s Expanding Financial Role

The launch further expands M-PESA’s role beyond payments and money transfers.

The platform now provides customers with access to savings, investments and other financial services through their mobile phones.

Ziidi Shari’ah adds another option to this growing digital investment ecosystem by combining a low entry point with a Shari’ah-compliant investment structure.

The product also comes as demand for faith-based financial products grows in Kenya. The Capital Markets Authority has said interest in Shari’ah-compliant investment products is increasing and has been working on an overarching governance framework for the segment.

For customers who have previously remained outside investment products because of their financial or religious preferences, the new fund creates another route into formal investing.