Safaricom launches Sharia-compliant five percent mobile loan

Safaricom PLC headquarters in Westlands, Nairobi. PHOTO | DENNIS ONSONGO | NMG

Safaricom #ticker:SCOM has partnered with Gulf African Bank to introduce a Shariah-compliant mobile finance service that will see the bank earn a five percent profit.

The bank will disburse the cash –up to a maximum of Sh20,000— and will recover the amount plus the five percent margin.

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