Safaricom has moved to broaden access to values-based investing with the launch of a Shari’ah-compliant money market fund that allows M-Pesa customers to begin investing with as little as KES 100.
The Ziidi Shari’ah Money Market Fund, launched in partnership with GulfCap Investment Bank in Nairobi on Tuesday, brings Islamic finance principles onto the M-Pesa platform, allowing customers to invest through My OneApp or by dialling *334#.
The product is designed to make investment accessible beyond customers with large amounts of capital. After the initial KES 100 investment, users can make additional contributions from as little as KES 10.
Safaricom CEO Peter Ndegwa said the product was part of efforts to make financial services more relevant to the different needs and values 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.
Unlike conventional investment products, the fund operates according to Shari’ah principles, which prohibit interest, or riba. GulfCap Investment Bank CEO Saud Shahbal said the fund invests in short-term, highly liquid Shari’ah-compliant instruments, with returns generated from permissible activities rather than interest.
The fund is open to both Muslims and non-Muslims, meaning customers do not have to be of a particular faith to participate. Its Shari’ah compliance applies to how customers’ money is invested.
GulfCap manages the fund under the oversight of its Shari’ah Supervisory Board, while the product is regulated by the Capital Markets Authority. It operates independently of Safaricom’s conventional Ziidi Money Market Fund.
Customers can monitor their daily profits, make deposits and withdraw funds to their M-Pesa wallets without transaction charges. They can also lock their funds as a way of encouraging disciplined saving.
There is no maximum investment limit imposed by the fund, although normal M-Pesa transaction limits apply, including a daily limit of KES 500,000 and KES 250,000 per transaction.
The launch adds another investment option to M-Pesa as Safaricom continues to expand the platform beyond its traditional role in money transfers and payments.
For GulfCap, the partnership provides a digital route to bring Shari’ah-compliant investment to a wider pool of Kenyans, while for Safaricom, the product places investment within reach of customers who may previously have viewed money market funds as inaccessible or unsuitable to their financial values.
The Ziidi Shari’ah fund had received regulatory approval from the Capital Markets Authority in February 2025, paving the way for its rollout on the M-Pesa platform.
