×

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.

Play Your Part — Support Independent Journalism in Kenya with Your Subscription
Get Trusted News for Only Ksh99 a Week

Subscribe Today & Save!

  • Unlimited access to all premium content
  • Uninterrupted ad-free browsing experience
  • Mobile-optimized reading experience
  • Weekly Newsletters
Already a subscriber? Log in