July 17, 2024

Safaricom to start deducting tax on Mshwari loans before disbursement

2 min read
Safaricom to start deducting tax on Mshwari loans before disbursement

Safaricom has announced it will start deducting Excise Duty Tax on All M-Shwari Loans before disbursement

Safaricom has announced it will start deducting Excise Duty Tax on All M-Shwari Loans before disbursement.

In a message to users on Monday, February 12, Safaricom said the deduction would start on February 20, 2024.

“Dear customer, we wish to notify you that starting 20th February 2024, the Excise Duty tax due on M-Shwari loan facility fees will be deducted from your loan amount at disbursement,” the message read.

The new deductions are set to impact the way M-Shwari customers interact with the service which is offered by Safaricom in partnership with NCBA Bank.

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The service offers loans of ranging from Sh 1000 and Sh 50,000 payable within one month. 

The announcement has sparked reactions online with Kenyans expressing displeasure on the new deductions.

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