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Panic and anxiety has gripped Mali platform investors this week following withdrawal challenges when trying to access their invested funds.
This mass withdrawal is as a result of the ongoing challenges faced by Genghis Capital Ltd which is the primary fund manager for the MALI MMF in partnership with Safaricom.
The fund manager’s woes began in 2024 in relation to its MALI partnership which resulted in Safaricom opening a ‘rival’ fund named Ziidi citing technical challenges with MALI platform which has to-date suspended onboarding of new customers.
In Jan 2025, more negative publicity hit Genghis Capital with claims of a looming auction of its assets due to a Sh355M debt incurred in 2017 from a South African business man, has triggered frantic mass withdrawals from MALI due to investor fear of losing their investments.
In a statement released by Genghis Capital, it re-assured that investor funds are held separately from their assets and in addition, MALI funds are safeguarded by credible institutions such as its trustee: KCB Bank Kenya Limited, Custodian: SBM Bank Kenya Limited and Auditor: RSM Eastern Africa LLP
However, MALI users are hearing none of it and are persistently trying to exit the platform en-masse leading to the growing frustration of withdrawal challenges.
Safaricom on its part has attributed the withdrawal difficulties to technical issues that are actively being addressed until the service resumes to normalcy.
Mali was launched in 2019 as a platform for M-PESA users to grow their money through interests from deposits as low as KSH 100 with zero charges for both deposits and withdrawals.
Since then, MALI has been able to amass over 700K investors with 3 billion assets under management offering an annual yield rate of 15.2% as at January 20th, 2025
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