It is widely believed that the former regime arm twisted Vodafone to shed off the 5% as a kickback to high-ranking officials in the regime.A WikiLeaks report stated that it was once owned by Nicholas Biwott,Charles Fidel Marshall,Gideon Moi and The Post Office.
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In November 2012, Safaricom announced it would be offering a new mobile phone banking product in conjunction with the Commercial Bank of Africa, tapping into an underdeveloped financial services market.