Safaricom Gets Nod to Set Up Ziidi Money Market Fund

The Capital Markets Authority (CMA) announced Wednesday it had approved Safaricom PLC to establish Ziidi Money Market Fund, a new investment scheme that seeks to disrupt the market. 

In a statement, CMA noted that the MMF will be available on the M-pesa platform hence making it easier for its customers to grow wealth through capital markets.

To achieve this feat, Safaricom partnered with three fund managers Standard Investment Bank, ALA Capital Limited and Sanlam Investments East Africa Limited.

CMA Chief Executive Officer Wycliffe Shamiah said the milestone would foster innovation in the market and subsequently allow Safaricom to establish its footprint in the finance services sector.

“Ziidi Money Market Fund is expected to empower unit holders by offering accessible and diversified investment options as part of the broader National Government’s financial inclusion. strategy,” the statement read in part.