Safaricom and Investment Bank Genghis Capital have generated dispute between them, over M-Pesa-backed unit trusts, following Safaricom’s launch of the Ziidi Money Market Fund with new partners.
This comes, at a time when Safaricom’s existing Mali fund with Genghis has accumulated Sh3.1 billion in assets. Filing a protest letter on December 3, 2024, Genghis accused Kenya’s Telco of customer redirection and data breach, with the conflict centering mainly on Safaricom’s newly approved Ziidi fund partnership with Standard Investment Bank, ALA Capital, and Sanlam Investments, while Mali, launched in 2019.
Read Also: HF Group PLC Makes 3rd Successive Achievement, Earning Oversubscription on Rights Issue
Safaricom, however, has come out on the limelight to defend the new fund, citing its potential to provide market alternatives and justifying that Genghis has unstable technical platform which is the reason for Mali’s delayed launch, which is still at the pilot phase despite being launched in 2019.
The Mali fund, ranked 17th largest among collective schemes, has invested Sh1.5 billion in fixed deposits and Sh595.9 million in government securities, earning Safaricom Sh11.6 million in revenues.
Only three of the sixty-two recorded death cases from the 2024 anti-Finance Bill protests have…
Following the deportation of Kenyan Senior Counsel Martha Karua from Uganda, Wiper Party leader Kalonzo…
The Kenya National Highways Authority (KeNHA) has confirmed that motorists will pay a base toll…
The Maji’s ResortMaji’s Resort sits on the southern tip of Lamu Island at Shela Beach,…
Ocean Beach Resort and Spa Ocean Beach Resort and Spa sits on Watamu Road, 4km…
KCB Bank Kenya and Inchcape Kenya have launched a strategic partnership providing up to 95%…