The Capital Markets Authority (CMA) has announced the approval of Safaricom’s Ziidi Money market Fund. The regulator announced that today saying Ziidi Money Market Fund has been approved as a Collective Investment Scheme (CIS).
The fund will be accessible through the M-Pesa platform and will be competing with the existing Money Market Funds (MMFs) offered by most of the leading financial institutions in kenya. Safaricom already has the Mali product which is also considered to be a Money Market Fund. It will be interesting to see how the two products will co-exist.
For Ziidi Money Market Fund, Safaricom has partnered with Standard Investment Bank, ALA Capital Limited and Sanlam Investments East Africa Limited.
Some of the MMFs it will be competing with include:
- Zimele Money Market
- GenCap Hela Fund (Money Market Fund)
- Old Mutual Money Market
- GenAfrica Money Market Fund
- Etica Money Market Fund
- Cytonn Money Market Fund
- Nabo Money Market Fund
The CMA Chief Executive Officer, Mr. Wyckliffe Shamiah, said the milestone underscores the commitment to foster innovation which also enables Safaricom to enhance its footprint in the finance services sector.
Zidi Money Market Fund is expected to offer accessible and diversified investment options as part of the broader National Government’s financial inclusion strategy.
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