Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Release: Old Mutual Kenya Launches New Mobile-Based Unit Trust Product

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Kenya: Press Release: Old Mutual Kenya Launches New Mobile-Based Unit Trust Product

Wednesday, 04 July 2012

Old Mutual Kenya has unveiled a new innovative product in the market, i-INVEST, which is the first of its kind in the East Africa region. The mobile based unit trust product allows investors to subscribe to unit trusts for as low as KES4,800 using their mobile phones by dialling *480# from their Safaricom line.

According to Old Mutual Kenya’s Managing Director, TavazivaMadzinga, “i-INVEST is part of Old Mutual’s strategic direction to venture into new, innovative and exciting products for our client base. It offers customers the opportunity to operate a Unit Trust account from the convenience of their mobile phones. The whole process right from registration to redeeming your funds is done from your mobile phone making it the first ‘paperless’ unit trust Product”.

The mobile unit trust account works very much like the conventional unit trust account except that all instructions can be submitted and processed over the registered mobile phone. Investors can register, invest, withdraw, switch between selected funds and change static information - all on their registered mobile phones. All investments are done through M-PESA but customers are not required to have money in their MPESA to register for i-INVEST. The minimum initial investment amount is KES4,800 after which customers are allowed to top up their investment at any time with a minimum of KES480.

Mr Madzinga added that i-INVEST acts as a substantial value-add to their client network as it will help in the growth and penetration of investment services through a new delivery channel, the mobile phone: “This further shows Old Mutual Kenya’s commitment to making a difference in the lives of Kenyans by helping them achieve their financial goals through more accessible investments.”

Old Mutual Kenya which is part of the Old Mutual Group that offers solutions in long-term savings, protection and investment has successfully initiated a turnaround business strategy to position for long-term growth and profitability by expanding distribution channels, launching new innovative products and stabilising existing operations. The company recorded a 40% business growth in 2011, defying a volatile environment marked by high interest rates, high inflation and a decline in the stock markets.

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