Question 1

Is ZIIDI MMF for individuals or can chamas and businesses invest?

Accepted Answer

As currently approved by the Capital Markets Authority, Ziidi MMF is an individual investment fund. However, we are working to add other options in the near future which may bring in chamas and businesses.

Question 2

Is ZIIDI MMF halal compliant?

Accepted Answer

As currently approved, Ziidi MMF is halal compliant.

Question 3

What interest do I earn for investing in ZIIDI MMF?

Accepted Answer

Ziidi MMF is a Money Market Fund where funds are invested in instruments such as government securities, including Treasury bills, as well as interest-earning accounts. The applicable rate may therefore change from day to day. Interest earned on your investment is calculated daily, with the applicable indicated rate displayed on your Ziidi MMF dashboard. Your funds start earning according to the applicable product terms after your deposit has been successfully processed.

Question 4

Does the Ziidi MMF interest attract a fund management charge?

Accepted Answer

Yes. The fund management fee is 3.4% per annum. The return shown to the customer should be presented as the applicable net return where this is how the approved product documentation defines the displayed rate.

Question 5

Is money earned on the Ziidi MMF subject to taxation?

Accepted Answer

Yes. Like other interest-earning investments, Ziidi MMF income is subject to applicable withholding tax. The current configured rate is: 15% withholding tax.

Question 6

Can I deposit or withdraw funds from ZIIDI MMF directly to an agent or bank account?

Accepted Answer

No. At present, deposits and withdrawals are processed through the customer's registered M-PESA account.

Question 7

What is the transaction limit on ZIIDI MMF?

Accepted Answer

The minimum amount to invest is KES 50,000. The minimum withdrawal amount is KES 100. There is no configured maximum investment amount at the Ziidi MMF product level unless backend or product rules specify otherwise. Applicable M-PESA transaction limits must still be respected. The current configured M-PESA limits are KES 250,000 per transaction and KES 500,000 per day.

Question 8

How do I track my investment?

Accepted Answer

You can view and track your investment, earnings and performance through the Ziidi MMF app dashboard under Investment Performance.

Question 9

How long can I lock my funds?

Accepted Answer

There is no fixed period for locking your funds on Ziidi MMF. You can keep eligible funds locked for as long as you choose and, where supported, top up the locked balance from the Ziidi MMF app.

Question 10

When will my funds be available after unlocking?

Accepted Answer

Funds should become available according to the configured product rules. Current product copy specifies 72 hours after unlocking. Unlocking applies to the entire locked amount where partial unlocking is not supported.

Question 11

Will locked funds earn a higher interest rate?

Accepted Answer

No. Locked funds earn the same applicable investment rate unless a separate product explicitly provides another rate. The purpose of locking funds is to help customers reduce impulsive withdrawals and build saving discipline.

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