SAFARICOM MALI MAY MAKE BANKING AND INSURANCE SECTOR OBSOLETE

Nairobi, Kenya 6th December 2019

The roll out of the new product MALI by telephony Operator Safaricom may have adverse consequences for the banking and the insurance sector. Based on the subscriber numbers under the mobile money transfer product ( M-pesa 24 Million) and the fact the interest will be earned on the day for amounts between Ksh 100 – Ksh70,000) unlike M-shwari and KCB M-pesa subscribers who earn no interest for the day and Asset management and insurance saving and banking products which takes a relatively longer time to earn any interest. British American Asset Managers BRITAM have rolled out a new product perhaps taking cue IMARIKA (Minimum Ksh1000 paid daily weekly or monthly for a Ksh 50,000 life insurance cover)

This comes in the backdrop of an emotional speech by acting Safaricom CEO Micheal Joseph a few days into assuming office shortly after the demise of then CEO Bob Collymore where He cited to the appalling state of savings and investments and unhealthy borrowing among Kenyans.

The user interface after dialing USSD code *230#