Investment In Mobile Sector Grows By Over 20 Percent To Sh70.9 Billion In 2023

Investment in Kenya’s mobile sector grew by 20.6 percent, reaching Sh70.9 billion in 2023, according to the Communications Authority’s (CA) report for the fourth quarter of the 2023/2024 financial year.

Most of the investment was directed toward other mobile services like M-Pesa.

“In 2023, mobile services generated KES 384.3 billion in revenue, marking a 13.2% increase from 2022. Following this trend, investment in the mobile sub-sector grew by 20.6%, reaching KES 70.9 billion,” the report reads.

Also Read: Report: Mobile Services Generated Sh384.3 Billion In 2023

This represents an increase of Sh21.1 billion from the Sh58.8 billion recorded in 2022.

Safaricom continues to dominate the investment landscape, receiving the majority share. Airtel, Telkom Kenya, Finserve Ltd, and Jamii Telecommunications followed in that order.

In terms of investment in other mobile services, Safaricom secured 97.7%, followed by Airtel at 1.5%, and Telkom Kenya at 0.7%.

Jamii Telecommunications, which did not receive any investment in mobile services, received only 1.8% of the data services investment.

How to Invest in M-PESA Through MALI

M-PESA customers looking to invest can do so through MALI, a Safaricom product that is a Money Market Fund approved by the Capital Markets Authority. MALI allows M-PESA users to invest in a Unit Trust with as little as Sh100 and earn daily interest.

To invest in MALI:

1. Using the M-PESA Super App:
   • Go to the “Grow” section.
   • Select “MALI.”
   • Acknowledge the Terms & Conditions by tapping the “Opt-In” tab.
   • Enter your M-PESA PIN.
2. Using USSD:
   • Dial *334#.
   • Select option 5 for Financial Services.
   • Choose option 0 for MALI.
   • Accept the Terms & Conditions and enter your M-PESA PIN.

Investing in MALI offers a competitive annual return, with interest computed and compounded daily. A 15% withholding tax is deducted from any earned interest, meaning the amount credited to your account is net of these charges.

There are no deposit or withdrawal fees for MALI. The minimum investment is Sh100, while the minimum withdrawal is Sh10. Although there’s no maximum investment limit in MALI, M-PESA’s daily transaction limit of Sh500,000 and per transaction limit of Sh250,000 still apply.

Appointing a Next of Kin

Investors in MALI can update details of their Next of Kin, who will access the funds in case of sickness, mental incapacity, or death. The following documents are required for claiming funds:

• A duly filled MALI next of kin claim form
• Identification document (ID)
• Death certificate
• Grant of probate or letter of administration
• Letter from local administration verifying the heir