Safaricom and GulfCap Launch Ziidi Shari’ah Investment Fund

Safaricom has partnered with GulfCap Investment Bank (GCIB) to launch a Shari’ah-compliant money market fund, giving M-Pesa customers a new option to invest and grow their savings from as little as KES 100.

The new Ziidi Shari’ah Money Market Fund combines Safaricom’s digital platform with GulfCap’s investment management and Shari’ah expertise. Customers can access the fund through My OneApp or by dialling *334#, with subsequent top-ups starting from KES 10.

Safaricom CEO Peter Ndegwa said the new product is aimed at widening financial inclusion by providing investment options suited to different customer needs and values.

“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,” Ndegwa said.

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

GulfCap Investment Bank CEO Saud Shahbal said the fund provides Muslims and other customers seeking ethical investment options with an opportunity to save through the M-Pesa platform.

He said the fund invests exclusively in short-term, highly liquid instruments held in Shari’ah-compliant banks, with returns generated from permissible activities rather than interest.

Customers can monitor their daily profit, make deposits into their Ziidi Shari’ah accounts at no charge and withdraw funds to their M-Pesa wallets without withdrawal fees. They can also lock their funds to encourage disciplined saving and reduce unplanned withdrawals.

There is no maximum investment limit, although customers remain subject to M-Pesa transaction limits, including a daily limit of KES 500,000 and a maximum of KES 250,000 per transaction.

The launch expands M-Pesa’s financial services offering beyond payments and money transfers, giving customers another digital channel through which to save, invest and build wealth.