The battle for control of M-Pesa backed unit trusts has escalated after a Safaricom partner and investment banker Genghis Capital called the telco a fraud for forming a rival fund and embracing new associates.
Genghis Capital fired a protest letter to Safaricom on December 3, a week after the capital markets regulator approved a new unit trust called Ziidi Money Market Fund, which will run on M-Pesa.
