Safaricom, KCB and NCBA earnings to be boosted by strong H1 21 Fuliza growth
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Fuliza records 25%yoy growth in value in H1 21 supporting our outlook for strong M-Pesa revenue in FY 22 for Safaricom
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Fuliza now the dominant loan platform for both KCB and NCBA which are set to generate higher non-interest revenue
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NCBA still reliant on Safaricom customer base to generate revenue which hinders scalability
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.