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Safaricom, KCB and NCBA earnings to be boosted by strong H1 21 Fuliza growth

  • Fuliza records 25%yoy growth in value in H1 21 supporting our outlook for strong M-Pesa revenue in FY 22 for Safaricom

  • Fuliza now the dominant loan platform for both KCB and NCBA which are set to generate higher non-interest revenue

  • NCBA still reliant on Safaricom customer base to generate revenue which hinders scalability

Faith Mwangi
Faith Mwangi

Equity Research Analyst, Financials (East Africa)

Tellimer Research
7 September 2021
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