BCLB CEO Peter Mbugi
M-PESA Rakes in $1.5-Billion Amid Kenya’s Betting Craze
Image sourced from WeeTracker Kenyans have spent Sh169.1-billion ($1.5-billion) betting through Safaricom’s M-Pesa in the year to March. According to Business Daily, disclosures show that the value of bets jumped 23.8 percent from Sh136-billion ($1.2-billion) a year earlier. The Kenyan government is trying to crack down on gambling by imposing higher taxes both on the companies and those who are gambling. People in the country continue to bet despite this and Safaricom, the Kenya Revenue Authority (KRA) and other firms are scoring big time. Safaricom’s revenue from betting rose by 40 percent to Sh5.98-billion ($50.7-million) last year, placing it higher among other firms that are listed on the Nairobi Securities Exchange (NSE). The telco company relies heavily on business lines like data a...
