A new unit trust investment product on M-Pesa is underway as plans to launch a new mobile savings service is also on set all in an effort to increase financial services in the market.
The unit trust product will enable its users to make small payments through M-Pesa that will be put in a joint scheme for investments in stocks, government securities and fixed bank deposits.
The subscribers will be able to get dividends or profits of their units, not just sending and receiving money, getting loans and paying bills.
“We are in the final stage of piloting a unit trust investment product enabling customers to create and retain wealth…the new market-based app which will launch shortly will aid in enhancing M-Pesa a lifestyle platform,” said Michael Joseph, Safaricom director.
Safaricom did not disclose any information regarding the unit trust product, but it is projected to partner with a fund manager who is to approve the product.
Safaricom is expected to gain more revenue through this new product from M-Pesa which have already levelled up to Sh 84.4 billion in the first quarter of the year.
Analyst believes Kenya is struggling from a low saving rate which Safaricom through this new product may be able to bridge.