Following this new law, Safaricom wrote to its customers saying that starting July 6, 2021 Fuliza daily fees will include 20 per cent Excise Duty. The excise duty also reflects on Safaricom's M-Shwari powered by KCB Bank. NCBA, Cooperative and KCB banks have also increased the cost of their loans after a 20 percent excise duty tax on fees and commissions earned on loans. Apart from tax on loans, customers are also feeling the effect of an increase in excise duty on telephone and internet data services from 15 per cent to 20 per cent. Telkom and Airtel on net calls will increase to Sh.2.78 cents per minute while Safaricom customers will pay Sh4.87 per minute.

Source: The Star July 08, 2021 00:56 UTC