Following the positive response we got on our previous post: Investing from the Comfort of your Mobile Phone, we thought it would be ideal to compile a step by step guide on how you can make your first investment with i-Invest plus provide you with additional information you might find useful.
To begin with, you need to be above 18 years, with a valid ID or Passport; a safaricom line toped up with airtime and a minimum of Ksh 4,800 required for making your first investment.
Registering is basically a four part process:
- Part 1: Dial *480# from your safaricom mobile phone, you’ll be prompted to register by entering your full name, ID/Passport number, date of birth, e-mail address and occupation. On completion you will get a SMS confirmation.
- Part 2: After getting the SMS dial *480# again and enter your postal address, physical address and accept or decline the terms and conditions. You will then get another SMS providing you with information on how to submit a copy of your ID/Passport to Old Mutual.
- Part 3: You can submit a copy of your ID/Passport via e-mail, post office or drop it off at any Old Mutual Branch across the country
- Part 4: Once Old Mutual verifies your ID/Passport, you’ll get an SMS containing a computer generated PIN. Dial *480# again and enter the PIN sent via SMS, you’ll be prompted to change your PIN, after which you’ll be able to access the full OLD MUTUAL MOBILE menu.
It will cost you Ksh 10 every time you dial *480#.
It’s only after you have completed the above processes that you will be able to start investing.
To invest dial *480#, enter your PIN, select “i-Invest” option, select “Source of Funds”. You will be informed that your money will be invested in Money Market Fund but you can switch to other funds at a later date. (Click here for a list of funds you can invest in with i-Invest). You will then receive an SMS with your external reference number which you will use when making the payment on M-Pesa.
On your M-Pesa menu, enter Pay Bill number 480048, your external reference number and the amount you would like to invest. The minimum amount is KES 4,800 and maximum is any amount of your choice, though M-Pesa allows one to send up to KES 70,000 per transaction and KES 140,000 per day.
You will then receive an SMS from M-Pesa, confirming that your money has been sent to Old Mutual Investment Services Ltd. After your investment has been processed you will receive a confirmation SMS on the next working day. The SMS will also show your new Money Market balance.
Quite easy, right?
It is though important to note that there are no guaranteed investment returns as all returns are dependent on the market performance. Any gains will belong to you as the investor. Returns vary depending on the risk taken. The higher the risk, the high the potential return or losses.
The lowest amount you can invest is Ksh 4,800 (for the first time) or Ksh 480 (on top up), and there’s no maximum limit on what can be invested.
You can also withdraw money from any of your i-Invest funds, through either your bank account or M-Pesa. To withdraw funds dial *480#, enter your PIN, select “i-INVEST”, select “Withdraw” option, choose the fund you would like to withdraw from and enter the amount you want to withdraw. You then be prompted to select the mode of payment: M-Pesa or Bank account. The screen will confirm the receipt of the withdrawal instruction. You will immediately receive an SMS informing you that your withdrawal instruction has been received and will be processed on the next working day. You will receive an SMS on the next working day, confirming your withdrawal and the new balance in your selected fund. If you choose to withdraw via M-Pesa, you will receive an SMS showing that the amount has been deposited into you M-Pesa account.