Safaricom Mali is a money market investment product designed for M-PESA users, providing an opportunity to earn daily interest on their deposits. This platform enables individuals to invest with as little as Sh100 and earn competitive returns while maintaining access to their funds. Unlike traditional savings accounts, Mali offers a daily interest rate, making it an attractive option for those looking to grow their money effortlessly.
Safaricom Mali Daily Interest Rate
Mali operates like a money market fund, where the interest is calculated and compounded daily based on the investor’s balance. The average annual interest rate offered by Mali is around 14.7%, translating to a daily interest rate of approximately 0.0403%. This means that an individual who invests KES 10,000 in Mali can expect to earn about Sh4.03 per day, while a Sh100,000 investment would generate roughly KES 40.30 daily.
The interest earned is automatically added to the investor’s balance, leading to the compounding effect. Over time, this results in higher earnings as interest is applied to both the principal amount and the previously earned interest. However, it is important to note that interest rates in money market funds fluctuate based on economic conditions, meaning returns are not fixed but rather dependent on prevailing market performance.
Taxation
Interest earned through Safaricom Mali is subject to a 15% withholding tax, similar to other money market funds in Kenya. This tax is deducted before interest is credited to the investor’s account. Despite this deduction, Mali remains an attractive option for individuals seeking daily earnings without the restrictions imposed by fixed deposit accounts.
Accessing and managing investments in Mali is easy through the M-PESA Super App or by dialing *334#. Deposits and withdrawals are free, with a minimum investment of KES 100 and a minimum withdrawal amount of KES 10. This flexibility allows investors to grow their savings while still being able to access their funds when needed.
