Safaricom chief executive Bob Collymore. PHOTO | FILE
By KIARIE NJOROGE
In Summary
- A compromise of the system would have a multiplier effect on them and the State due to their diminished spending power, which would affect tax collection.
- Some Sh2.8 trillion was transacted through mobile money last year, making it a crucial source of excise tax revenue for the government. A 10 per cent excise duty is charged on mobile money transfer services.
- Kenya Revenue Authority (KRA) data shows that a total of Sh9 billion was collected in excise tax from financial services but does not indicate what share of this is from mobile money
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