A MPESA special purpose vehicle enlisted by Safaricom PLC and Vodacom has reports Sh.314million loses.
MPESA Africa formed to tap into Uganda, DRC Rwanda and Tanzania markets has lost more than Sh.600million, primarily due to the vagaries of Covid-19 and a toxic business environment.
Safaricom Chief Finance Officer Dilip Pal said initial cost of establishing the business contributed to the decline.
During the first Covid-19 lockdown, the Government subsidized MPESA transactions in a bid to mitigate the effects of Covid-19 to Kenyans.
