Safaricom pays firm KES 1.4 bln for M-Pesa technical support in FY

In the year to March, Safaricom paid KES 1.4 billion worth of technical support fees to M-Pesa Africa, a company it owns on a 50-50 basis with its South African parent firm Vodacom Group, Business Daily reported. The fee was paid at a rate of 2 percent of Safaricom’s M-Pesa revenue of KES 82.6 billion in the review period, according to its annual report. Safaricom owed M-Pesa Africa a balance of KES 185.5 million by the end of the financial year, bringing the total fees in the period to KES 1.6 billion.

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