Safaricom has announced the introduction of a new policy regarding the deduction of Excise Duty Tax on all M-Shwari Loans before disbursement.
In a message sent to users on Monday, February 12, Safaricom informed its customers that the deduction would commence 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.
These changes are expected to have an impact on how M-Shwari customers engage with the service, which is offered by Safaricom in collaboration with NCBA Bank. The service provides loans ranging from Sh 1000 to Sh 50,000, repayable within one month.
