President Uhuru Kenyatta proposes eight percent tax increment on mobile money transactions

Mobile money transfers. [GetPesa]

Telecommunication companies woke up to the news of an increase in the cost of money transfer services.

This comes after President Uhuru Kenyatta proposed an increment in tax from 12 percent to 20 percent in mobile transfer platforms for Safaricom, Telkom, Airtel, money transfer agencies, banks and other financial institutions.