The Central Bank of Kenya (CBK) backed the government’s proposal to sell a 15 percent stake in Safaricom, saying that the deal would not compromise the country’s financial stability.
CBK Governor Kamau Thugge said that Safaricom’s mobile money platform M-Pesa, which holds over Sh250 billion in customer funds, is well cushioned from risks.
‘Formal CBK approval is still under assessment, but the proposed transaction will not compromise the integrity of the national payment system provided all prudential safeguards are enforced,’ he told the National Assembly’s joint committee on Finance and National Planning and Public Debt and Privatisation.