Serrari Group

Safaricom Streamlines Dividend Payments, Embraces Electronic Transfers

Safaricom, Kenya’s leading telecommunications company, is revolutionizing its dividend payment system by transitioning away from traditional cheque payments towards faster electronic methods. This move aims to enhance efficiency and convenience for its extensive shareholder base.

In a recent announcement, Safaricom urged shareholders to update their payment preferences and contact details with its shares registrar, Image Registrars Ltd. This transition to electronic payment modes will expedite the dividend distribution process and ensure smoother communication channels between the company and its shareholders.

The decision comes ahead of the anticipated payment of an interim dividend of Sh0.55 per share, totaling Sh23.64 billion. Shareholders are expected to receive their dividends around March 31, 2024, provided they were on the register of members as of March 15, 2024.

To facilitate the update of shareholder information, Safaricom has provided various avenues, including online forms and email submissions through Image Registrars Ltd. This proactive approach underscores Safaricom’s commitment to ensuring a seamless transition for its shareholders to the electronic payment system.

While electronic payments offer increased convenience, shareholders should be aware of associated costs. M-Pesa withdrawals may incur charges of up to Sh108, while Electronic Fund Transfers (EFTs) typically deduct up to Sh200 in transaction fees across banking institutions.

Safaricom, with a substantial shareholder base of 534,719 individuals as of March 2023, has also extended the call for shareholders with Central Depository & Settlement Corporation (CDSC) accounts to update their details through their respective stockbrokers. This ensures prompt receipt of dividends and facilitates smoother transactions for future payments.

As Safaricom embraces digital transformation within its financial operations, shareholders can anticipate greater efficiency and convenience in their interactions with the company. This move sets a precedent for modernization within Kenya’s corporate landscape.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

19th March, 2024

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