Multi-national financial services company Old Mutual on Tuesday launched a new mobile-based unit product called i-invest in Kenya’s capital Nairobi following a partnership with telecom operator Safaricom. The new service will allow easy money transactions in the country, in investments and withdrawals.
To registers for the service, users have to dial *480#. They should however have a minimum of KSh4,800 for starters.
Users would afterwards continue investing with the least amount to be deposited as KSh480 via Kenya’s mobile money M-Pesa.
The invention of mobile payment system in which one can deposit, send and withdraw money through the Cellphone by simply registering using identification card or passport as well as mobile banking is commonly used for business transactions.
This is not the first time the two companies are partnering, in 2008, Old mutual customers got a unique way in paying for Toboa investment Plan via M-Pesa. This ushered in a new era in which customers can settle bills in a “more reliable manner.”
Old mutual was established in 1984 in South Africa. The company’s main objective was to offer mutual insurance services. Currently, the organization has expanded to different countries in the world.
It provides long-term savings, protection and investment Group. The firm also offers life assurance, asset management, banking and general insurance in Africa, Europe, the Americas and Asia. With an approximation of over 12 million customers.
Safaricom is Kenya’s leading mobile network operator.
