Safaricom and GulfCap Investment Bank launched the Ziidi Shari’ah Money Market Fund in Kenya on 6 October. The product is available through M-Pesa using My OneApp or the *334# USSD menu. Customers can open an investment with KSh100 and make subsequent contributions from KSh10. GulfCap said users can begin investing immediately.
The fund is regulated by Kenya's Capital Markets Authority and is administered by GulfCap under the oversight of its Shari’ah Supervisory Board. It operates separately from Safaricom's conventional Ziidi money-market fund. The regulator approved GulfCap to register the Shari’ah vehicle in February 2025. The October launch therefore marks customer availability rather than initial regulatory approval.
LOW ENTRY THRESHOLD WIDENS ACCESS
Users can track daily profit, deposit without charge and withdraw funds into their M-Pesa wallets without a withdrawal fee. GulfCap also offers an option to lock money in the account, intended to support regular saving. The delivery model combines Safaricom's mobile distribution with GulfCap's investment management.
GulfCap said the portfolio would invest in short-term, liquid instruments at Shari’ah-compliant banks. Returns are structured around permissible investment income rather than fixed interest, or riba. The separate governance arrangements distinguish the product from Safaricom's existing conventional money-market offering.
ADOPTION WILL TEST THE DISTRIBUTION MODEL
ITWeb Africa reported that Safaricom has more than 41 million M-Pesa customers, giving the fund a large potential distribution base. It said the conventional Ziidi money-market fund had attracted about two million customers. Those figures provide context for the scale Safaricom and GulfCap are seeking to address.
The next measurable milestone will be customer and asset growth after the launch. Published disclosures will also show whether the low minimum contribution converts mobile-money reach into sustained investment balances. Until then, the verified development is that the previously approved Shari’ah fund is now open through Safaricom's M-Pesa channels.