Safaricom and GulfCap Investment Bank Launch Ziidi Shari’ah Money Market Fund on M-PESA

Kenya’s retail investment landscape achieved a key financial inclusion milestone following the official launch of the Ziidi Shari’ah Money Market Fund by telecommunications provider Safaricom, in collaboration with GulfCap Investment Bank (GCIB). Announced during an executive launch in Nairobi by Safaricom CEO Peter Ndegwa and GulfCap Investment Bank Chairman Suleiman Shahbal, the unit trust fund provides a Shari’ah-compliant wealth-generation mechanism integrated directly into the M-PESA mobile ecosystem.

Administered by GulfCap Investment Bank and overseen by an independent Shari’ah Supervisory Board, the fund operates on profit-sharing principles (Mudarabah and Sukuk allocations) rather than fixed-interest (riba) mechanisms. Designed to lower barriers to formal capital markets, the fund allows users to open accounts and invest starting at KES 100, with subsequent top-ups permitted from KES 10. Users can access the fund via USSD (⁠*334#⁠) or Safaricom's My OneApp, featuring daily yield tracking, flexible withdrawals, and optional lock-in periods for disciplined saving.

The fund operates independently of Safaricom's conventional Ziidi MMF, catering specifically to Muslim investors seeking faith-compliant financial instruments as well as value-based non-Muslim investors looking for ethical, asset-backed investment vehicles. By leveraging M-PESA’s extensive nationwide reach, the product addresses long-standing capital access gaps for small-scale merchants, informal traders, and value-conscious households.

Why This Matters

For the national economy, the rollout of Ziidi Shari’ah serves as an Engine for Domestic Savings Mobilization and a Catalyst for Ethical Capital Market Integration. Lowering minimum entry thresholds to KES 100 converts unbanked micro-savings into productive capital, channeling funds into CMA-regulated Shari’ah instruments and expanding liquidity across domestic financial markets.

From a macroeconomic perspective, the launch underscores the Sovereignty of Inclusive Wealth Infrastructure and Financial System COMMAND. Establishing indigenous, faith-compliant digital savings rails ensures that all citizen demographics can participate in sovereign capital accumulation on their own terms, reinforcing long-term economic resilience across East Africa.

Opportunities

B2B Ethical Asset Management, Sukuk Structuring & Liquidity Deployment: High commercial demand for investment banks, fund managers, and corporate issuers to structure qualified Shari’ah-compliant fixed-income instruments (Sukuk).

FinTech Wealthtech Integration, API Automation & Analytics: Substantial scope for software developers and RegTech vendors to build automated micro-investment tools, portfolio analytics, and automated savings features.

Islamic Financial Advisory, Shari’ah Auditing & Compliance Services: Growing opportunities for specialized legal advisories, Islamic finance experts, and audit firms to deliver governance and compliance oversight.

Merchant Micro-Savings, Payroll Auto-Deductions & Corporate Treasury: Commercial openings for SMEs and corporates to utilize instant, profit-yielding mobile accounts for working capital buffer management.

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