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How State regulation bit off Sh2.8b from Safaricom profits

Revenues from Fuliza fell nine per cent in the year ended March 2023. [File, Standard]

Two weeks after his inauguration, President William Ruto made good on one of his campaign promises to bring down the cost of digital loans with a special emphasis on Safaricom's Fuliza overdraft facility.

After a series of meetings and a hurriedly scrambled press briefing, Safaricom, NCBA and KCB Bank announced the restructuring of Fuliza starting October 1, 2022.

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