Mali: A product by M-Pesa
Safaricom made headlines in November 2022 with the launch of its new investment product called Mali.
This product, developed in partnership with Genghis Capital Ltd, offers M-PESA registered customers an opportunity to invest as little as Ksh100 and earn daily interest at a rate of 10% per annum.
Unlike a SACCO, Mali is a collective investment whereby Safaricom collects money from interested investors and invests it in stocks, securities, and other options. Profits are then distributed to the investors.
Mali’s biggest draw was its promise of instant withdrawals, allowing customers to access their funds whenever they needed them.
However, over the past few weeks, this has turned out to be a big fat lie as customers have been facing technical challenges when trying to withdraw their funds.
Requests made via both the USSD code and the Mali mini-program on the M-Pesa app have been failing.
To make matters worse, Safaricom’s customer care has been unhelpful in resolving the issue, leaving customers frustrated and stranded in inconvenient situations.
The outages occur randomly and at any given time of the day, with some lasting more than 24 hours.
The situation has been particularly alarming in the last few days, with many customers unable to pay their bills at nightclubs and restaurants or meet critical financial obligations.
This has caused an uproar on social media, with dozens of Kenyans expressing their dissatisfaction with Safaricom’s handling of the situation.
@Safaricom_Care @SafaricomPLC I have unsuccessfully tried to access my Mali Account for the past 3 hours. What is the issue? This is really frustrating.
— JaRusinga (@owade_eugene) March 2, 2023
@Safaricom_Care I have raised complaints on access to Safaricom Mali and nothing but working on since Monday
— Alton Mutwiri (@mathayiro) March 2, 2023
@Safaricom_Care what is wrong with Safaricom mali system today?
— ElizabethWanjiru (@ItsEwanjiru) March 2, 2023
@SafaricomPLC @Safaricom_Care
Am interested in reading terms and conditions for Mali and am getting an error.Where can I get information about Mali? pic.twitter.com/42gMuni2uO
— Wafula Omukikai
(@wafula_wa_baro) March 2, 2023
(@wafula_wa_baro) What is not happening with mali? @Safaricom_Care Can't withdraw since early morning.
— Tembo Elopi (@TempletoneO) March 1, 2023
@Safaricom_Care
Is Mali a scam or pyramid scheme?
Can get my cash out for a whole week. Wtf is this nonsense?— Amolo (@theAmolo) February 24, 2023
@Safaricom_Care @SafaricomPLC I have unsuccessfully tried to access my Mali Account for the past 3 hours. What is the issue? This is really frustrating.
— JaRusinga (@owade_eugene) March 2, 2023
@Safaricom_Care what's not happening with the #mali thing ???? Should I have any reasons to be worried about my little cash invested there? Is it your product??? Not able to access my little cash for some hours now.
— rajm (@Rodgersmaruti) March 2, 2023
Nimewekelea pesa zangu zote kwa Mali. I can’t withdraw. What might be the problem?
— iamevans (@shadowhunter254) March 2, 2023
Whats happening to safaricom
Mali? I can't withdraw funds @Safaricom_Care @SafaricomPLC— 𝑴𝒘𝒂𝒏𝒈𝒊 𝑴𝒂𝒊𝒏𝒂 (@Drmwangimaina) March 2, 2023
@Safaricom_Care you need to fix this Mali app. Always bugging out during emergencies. Stuck at petrol station at 1am. Such a nuisance
— Kayo Rille (@KayoRille) February 22, 2023
@Safaricom_Care
The agreement I signed up for,was that I can withdraw my funds from Mali at any time. Right now I’m unable to even view my balance. This is impunity and dishonesty of the highest degree.How on earth are you unable to process my request??? pic.twitter.com/a9kaSBIpQq
— Ramadhan Makokhajuma (@makokhajuma_r) February 21, 2023
@Safaricom_Care Is Mali working normally? I've been unable to make withdrawals since Friday.
— Didier (@WasikeQuincy) February 19, 2023
@Safaricom_Care hello.
I havent been able to withdraw from Mali for 3 days.
Everytime I contact your customee care, the response is wait for 2hrs.— Gary (@garykyalo) February 19, 2023
@Safaricom_Care Why is my opt in to mali failing even when using USSD code pic.twitter.com/GbfVNI4K7k
— AZHUR (@azuruadams) February 18, 2023
Safaricom has acknowledged the challenges its customers are facing with Mali but has been unable to provide a satisfactory solution to the problem.
The company’s only response has been an automated message apologizing for the inconvenience caused and promising to resolve the issue as soon as possible.
This turn of events has left many wondering what has happened to Safaricom, a company once renowned for its quality services and efficient support.
The technical challenges facing Mali are a cause for concern, and Safaricom needs to take immediate action to address the issue and restore its customers’ faith in the company.
In conclusion, Safaricom’s Mali investment product is facing significant technical challenges that are affecting customers’ access to their funds. While the company has acknowledged the issue, it needs to take swift action to resolve it and restore its customers’ confidence in its services.
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