Safaricom opens Ziidi Shari'ah money market fund to Kenyan M-Pesa customers, from KSh 100

Safaricom customers in Kenya can now invest in a Shari'ah-compliant money market fund through M-Pesa, after the telecoms company and Gulfcap Investment Bank opened the Ziidi Shari'ah Money Market Fund on 6 October 2026, Capital FM reported that day. Customers can start with KSh 100 (about 5.2 yuan) through the My OneApp app or by dialling *334#. Capital FM said the fund is aimed at customers who want investments that follow Islamic finance principles, including avoiding interest, known as riba.

Subsequent top-ups start at KSh 10 (about 0.52 yuan), The Standard reported on 6 October. TechTrendsKE reported on 7 October that deposits and withdrawals to M-Pesa are free, that the M-Pesa limit is KSh 250,000 a transaction (about 13,000 yuan) and KSh 500,000 a day (about 26,000 yuan), and that the fund has no maximum investment ceiling. Yuan figures use Wise's rate on 7 October of about 19.36 shillings to the yuan.

Safaricom runs the fund with Gulfcap Investment Bank (GCIB), and the Capital Markets Authority (CMA) regulates it, TechTrendsKE reported. GCIB's Shari'ah Supervisory Board oversees compliance with Islamic finance principles. The Business Watch reported on 6 October that customers can track daily profit and use an optional lock-in feature.

The fund is separate from Safaricom's conventional Ziidi money market fund, which TechTrendsKE says was launched in January 2025. TechMoran reported on 6 October that Safaricom had more than 41 million one-month-active M-Pesa customers in its FY2026 investor presentation.

The CMA approved Gulfcap's registration of the fund on 20 February 2025. In its statement that day, the authority said the fund would be a standalone fund with its own incorporation documents and promoter, aimed at registered M-Pesa customers who profess the Islamic faith or prefer to invest in Shari'ah-compliant products. It said seven firms were then licensed to offer Shari'ah-compliant unit trust funds in Kenya.

Gulfcap CEO Saud Shahbal said, as quoted by The Standard on 6 October: "The fund invests exclusively in short-term, highly liquid instruments in shari'ah compliant banks." Capital FM quoted him on 6 October as saying: "This preserves capital and daily liquidity, while ensuring returns are free of interest (riba) and are earned only from ethical, permissible activities."

Safaricom CEO Peter Ndegwa said, as quoted by Capital FM on 6 October: "Part of driving financial inclusion is about making financial services relevant to the different needs and circumstances of our customers. 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."

CMA Chief Executive Wyckliffe Shamiah was represented at the launch by Justus Agoti, the authority's Senior Manager, Market Deepening, The Standard reported on 6 October. According to the paper, Shamiah said: "We are keen on obtaining consensus on a workable policy environment for Islamic finance in the country including identifying and effecting the Shari'ah governance model to help in improving consistency, transparency, and investor confidence."