Safaricom, GulfCap Launch Shari’ah-Compliant Ziidi Fund, Opening Investment to M-Pesa Customers
By Fride Amiani
Safaricom has partnered with GulfCap Investment Bank (GCIB) to launch the Ziidi Shari’ah Money Market Fund, a new investment product designed to expand access to Shari’ah-compliant savings and investment opportunities through the M-Pesa platform.
The fund, launched in Nairobi on October 6, 2026, allows customers and businesses to begin investing with as little as KES 100 through the My OneApp, with subsequent contributions starting from KES 10.
Customers can also access the service by dialling *334#, making it possible for a wider section of the population to participate in investment products without requiring large amounts of capital or complicated registration processes.
The initiative brings together Safaricom’s extensive digital financial services infrastructure and customer reach with GulfCap Investment Bank’s investment management and Shari’ah expertise.
Safaricom Chief Executive Officer Peter Ndegwa said the new product was part of the company’s efforts to make financial services more inclusive and responsive to the diverse needs 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.
“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,” he added.
The launch gives customers seeking Shari’ah-compliant financial products an opportunity to invest through a familiar mobile platform while allowing them to build their savings gradually.
Unlike conventional investment products that may generate returns through interest-based instruments, Ziidi Shari’ah operates under Shari’ah principles and is overseen by GulfCap Investment Bank’s Shari’ah Supervisory Board.
GulfCap Investment Bank Chief Executive Officer Saud Shahbal said the integration of the fund into M-Pesa would make ethical investment more accessible to Muslims and other customers who prefer investments aligned with their values.
“The unveiling of the Ziidi Shari’ah Money Market Fund, embedded on the robust M-Pesa platform, gives Muslims, and any individual who prefer ethical investing, an opportunity to grow their savings in line with their values,” Shahbal said.
He explained that the fund would invest exclusively in short-term and highly liquid instruments held in Shari’ah-compliant banks.
“The fund invests exclusively in short-term, highly liquid instruments in shari’ah compliant banks. This preserves capital and daily liquidity, while ensuring returns are free of interest (riba) and are earned only from ethical, permissible activities,” he said.
According to the two institutions, Ziidi Shari’ah is regulated by the Capital Markets Authority (CMA) and operates independently from Safaricom’s conventional Ziidi Money Market Fund.
The separation is intended to ensure that the new fund maintains its own Shari’ah-compliant investment framework and governance structures.
Customers will be able to monitor their daily profits through the digital platform, while deposits into their Ziidi Shari’ah accounts will be free of charge. Withdrawals can also be made directly into M-Pesa wallets at no cost, giving investors flexibility in managing their funds.
The product also includes an option for customers to lock their funds, a feature intended to promote disciplined saving and reduce unnecessary withdrawals.
Safaricom and GulfCap said the flexibility offered by the product would allow customers to invest consistently, even with small amounts. With subsequent top-ups starting from KES 10, customers can gradually increase their investment rather than needing a large initial amount.
There is no maximum investment limit under the fund. However, customers remain subject to applicable M-Pesa transaction limits, including a daily transaction limit of KES 500,000 and a maximum of KES 250,000 per transaction.
The launch comes as mobile money platforms increasingly expand beyond payments and transfers into savings, credit, insurance and investment services.
For Safaricom, the new product further strengthens M-Pesa’s role as a broader financial services ecosystem, giving customers additional tools to save, invest and build wealth directly from their mobile phones.
M-Pesa has played a significant role in expanding access to financial services in Kenya, particularly among populations that traditionally faced barriers to formal banking and investment products.
The introduction of a Shari’ah-compliant money market fund through the platform is expected to broaden that reach by providing an investment option specifically structured around Islamic finance principles while remaining accessible to customers regardless of their faith.
GulfCap Investment Bank, which is licensed by the Capital Markets Authority, provides asset and wealth management, corporate finance and transaction advisory services across Kenya, regional markets and global markets.
Through its Asset and Wealth Management division, the bank offers both conventional and Shari’ah-compliant investment solutions to institutional, high-net-worth and diaspora investors.
The Ziidi Shari’ah partnership therefore brings together two established areas of expertise Safaricom’s digital financial infrastructure and GulfCap’s investment and Shari’ah capabilities.
The companies said the initiative reflects the broader evolution of financial services in Kenya, where digital platforms are increasingly being used to make investment opportunities more affordable, convenient and accessible.
By allowing customers to start with KES 100 and make subsequent contributions from as little as KES 10, Ziidi Shari’ah is positioned as an avenue for customers to develop a regular investment culture while observing their preferred ethical and religious principles.
The launch also comes as demand grows for financial products that combine accessibility with ethical investment considerations, potentially widening participation in Kenya’s formal investment market.
Safaricom said the initiative reinforces its commitment to financial inclusion by ensuring that more customers can access investment products that correspond with their financial circumstances and personal values.
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