Beneficial Owners’ Information Update

As we continue to transform lives through partnerships, Safaricom endeavors to comply with all the regulatory requirements and obligations, upholding industry best practices, and adhering to global standards in its business operations. The AML/CFT (Amendment) Act, 2023 and The Proceeds of Crime and Anti-Money Laundering Regulations, 2023, require all financial institutions to collect, verify and maintain an up-to-date beneficial ownership information for all its business relationships.

Who is a beneficial Owner?

The Proceeds of Crime and Anti-Money Laundering Regulations, 2023 (POCAMLA), defines a beneficial owner as a person who ultimately owns or controls a customer or the person on whose behalf a transaction is being conducted, and any person who ultimately exercises effective control over a legal person or arrangement.

A beneficial owner of a company is a natural person who meets any of the following conditions with respect to the company:

Holds at least ten percent (10%) of the issued shares in the company either directly or indirectly.
Exercises at least ten percent (10%) of the voting rights in the company either directly or indirectly.
Holds a right, directly or indirectly, to appoint or remove a director of the company; or
Exercises significant influence or control, directly or indirectly over the company. Significant
Influence or control means participation in the finances and financial policies of a company without necessarily having full control over them.

All organizations using the M-PESA Paybill, Short-Term Paybill, Bulk Payment, Buy Goods and Business Till services are required to make the ownership declaration.

This shareholder, ownership and directorship detail information required is to be supplied through the secure BO Portal below accessible only to authorized individuals i.e.:

Organization authorized users with the role of “Business Administrator” within the M-PESA G2 Portal.
Nominated number being a person authorized to manage organization funds through USSD.

The BO Portal can be accessed via the link https://www.partnerhub.safaricom.co.ke/beneficial-owner

For enquiries, please use the channels below:

For Lipa na M-PESA customers Email: This email address is being protected from spambots. You need JavaScript enabled to view it. or call +254722002222.
For Agents and Dealers Email: This email address is being protected from spambots. You need JavaScript enabled to view it. or call line 300.
For Money Remittance Partners Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Partners can also engage their respective account manager/ management team.

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