CMA Approves Ziidi Money Market Fund From Safaricom PLC
Nairobi, 27 November 2024 – The Capital Markets Authority (CMA) has granted approval to Safaricom PLC to establish the Ziidi Money Market Fund, as a Collective Investment Scheme (CIS), marking another innovative step. The fund will be accessible through the M-PESA platform, making it convenient for subscribers to grow wealth through the capital markets.
Safaricom has partnered with three fund managers; Standard Investment Bank, ALA Capital Limited, and Sanlam Investments East Africa Limited to offer the Ziidi Money Market Fund.
The CMA Chief Executive Officer, Mr. Wyckliffe Shamiah, said the milestone underscores the commitment to foster innovation which also enables Safaricom enhance its footprint in the finance services sector.
Ziidi Money Market Fund is expected to empower unit holders by offering accessible and diversified investment options as part of the broader National Government’s financial inclusion strategy.
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BACKGROUND INFORMATION
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair, and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence. CMA also regulates the commodity markets and online forex trading. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes;
Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on amwangi@cma.or.ke
