Mobile network provider, Safaricom has announced new M-Pesa tariffs that will see their customers dig deeper into their pockets.
The hiked charges, which are line with the Finance Bill, 2018 and the Provisional Collection of Taxes and Duties Act, take effect on July 1, 2018.
Reading the budget, CS National Treasury Henry Rotich noted that customers would be charged 12 percent up from 10 percent of every money transfer.
Money transfers of between Sh.1-100 remains free but have been limited to three transactions per day.
Transfers of between 1 shilling and 49 shillings will have an additional Sh.1 charge and 2 shillings for amounts between 50 shillings and 100 shillings.
The telco does however note that customers will not be able to withdraw less than Sh.50 from agents.
“You cannot deposit money directly into another M-Pesa customer`s account at an agent outlet,” the statement read in part.
Here are the new M-Pesa charges:
In May, Safaricom announced a Sh.55.3 billion profit up from Sh.48.4 billion the previous year, with M-Pesa having contributed Sh.62.3 billion to the total income.
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