Safaricom Sued For $2.4 Billion In Kenya
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Mar 8, 2023 ·
1m 49s
Safaricom is in court over the operations of its mobile money arm, M-Pesa. Three plaintiffs have indicted Safaricom and Vodafone in a lawsuit which claims that Safaricom is operating its...
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Safaricom is in court over the operations of its mobile money arm, M-Pesa.
Three plaintiffs have indicted Safaricom and Vodafone in a lawsuit which claims that Safaricom is operating its M-Pesa arm and Fuliza, its overdraft service, illegally.
According to the petitioners—Gichuki Waigwa, Lucy Nzola, and Godfrey Okutoyi—since Safaricom uses the money from non-borrowing M-Pesa account holders as loans to Fuliza users, then the interest Safaricom accrues from Fuliza should be shared with all M-Pesa account holders.
The petitioners, who allege to be acting on behalf of all M-Pesa users, now want Ksh305 billion ($2.4 billion) in damages for fraudulent misrepresentation and non-disclosure of information.
show less
Three plaintiffs have indicted Safaricom and Vodafone in a lawsuit which claims that Safaricom is operating its M-Pesa arm and Fuliza, its overdraft service, illegally.
According to the petitioners—Gichuki Waigwa, Lucy Nzola, and Godfrey Okutoyi—since Safaricom uses the money from non-borrowing M-Pesa account holders as loans to Fuliza users, then the interest Safaricom accrues from Fuliza should be shared with all M-Pesa account holders.
The petitioners, who allege to be acting on behalf of all M-Pesa users, now want Ksh305 billion ($2.4 billion) in damages for fraudulent misrepresentation and non-disclosure of information.
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