Safaricom accused of “business fraud” in dispute over $23.9m money market fund

Genghis Capital, a Kenyan investment bank, has accused Safaricom of “business fraud” over the launch of a competing money market fund, Ziidi, which the telco rolled out in November 2024. The dispute centres on Safaricom’s alleged decision to stall the rollout of Mali, a fund launched in partnership with Genghis in 2020, and instead register the rival Ziidi product, approved by Kenya’s