The Kenyan fintech landscape is currently witnessing a heated dispute between Genghis Capital and Safaricom, one of the country’s leading telecommunications companies.

At the heart of the controversy lies Mali, a money market fund launched in 2020 in partnership with Safaricom, aimed at integrating investment options within the popular M-Pesa platform.

A Tale of Two Funds: Mali vs. Ziidi

Genghis claims that Safaricom deliberately stalled the rollout of Mali, prioritising the development and launch of Ziidi, their own competing money market fund, with other third-party partners.

This alleged move, according to Genghis, constitutes a breach of their agreement and a betrayal of the trust established during their 2019 partnership.

In a strongly worded letter dated December 3, Genghis accused Safaricom of “playing dirty,” alleging that the telco focused its efforts on building Ziidi while neglecting Mali.

Safaricom responded on December 6, attributing the delay in Mali’s rollout to “technical issues” and highlighting the potential regulatory and reputational risks associated with scaling the product prematurely.

READ ALSO:

Safaricom’s Ziidi Money Market Fund Receives CMA Approval

Data Privacy Concerns Emerge

The allegations against Safaricom extend beyond market competition. Genghis claims that Safaricom migrated Mali customers to Ziidi through the M-Pesa app without their explicit consent.

If true, this action could have serious repercussions for Safaricom, potentially violating data protection regulations and raising serious privacy concerns.

Despite the Controversy: Mali’s Success

Despite the ongoing dispute, Mali has demonstrated significant growth. By September 2024, it had climbed to the 17th position among Kenya’s largest collective investment schemes, managing assets worth $23.9 million (KES3.1 billion).

Furthermore, Mali generated $89,748 (KES11.6 million) in revenue for Safaricom in the first half of the year, highlighting its potential as a profitable venture.

Exploring the Safaricom Ziddi Money Market Fund: Features, Reviews, and Returns

The Safaricom Ziddi Money Market Fund has become a popular choice for investors in Kenya seeking reliable returns. With features like easy access to funds, the Safaricom Ziddi Money Market Fund withdrawal process ensures convenience for users.

Many are exploring the platform, leading to a surge in interest for a comprehensive Safaricom Ziddi Money Market Fund review to understand its benefits and drawbacks.

READ ALSO:

Safaricom’s Mali Fund Hits Sh3 Billion Milestone

Investors are also closely monitoring the Safaricom Ziddi Money Market Fund returns to assess its performance over time. For those ready to get started, the Safaricom Ziddi Money Market Fund login provides a seamless entry point into managing investments effectively.

The Future of the Dispute

The outcome of this dispute remains uncertain. The allegations raised by Genghis, if substantiated, could have significant implications for Safaricom, potentially impacting its reputation and future business ventures.

The case also raises broader questions about competition, data privacy, and the evolving landscape of mobile financial services in Kenya.