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Safaricom Announces Reduction Of M-Pesa Transaction Charges

Safaricom CEO Peter Ndegwa. [PHOTO/ COURTESY]

Safaricom CEO, Peter Ndegwa has today announced newly reduced fees lower value M-pesa transactions.

As part of different measures to help the country better weather the Covid-19 Pandemic, Safaricom announced the temporary zero-rating of M-PESA transactions in March.

The Central Bank of Kenya under the leadership of Dr. Patrick Njoroge was instrumental in the formulation of this and other measures across the financial sector which resulted in significant gains in the form of the ongoing economic recovery.

Read: Business Owners Can Now Make Payments Directly From Their MPesa Till Number

“As guided by the Central Bank of Kenya and taking into account the Principles on the Pricing of Mobile Money Services, we have taken the decision to reduce our M-PESA tariffs by up to 45% for lower value transaction bands.” The Safaricom CEO said in a statement.

This is as a result of the expiry of the period for the zero-rated M-PESA transactions and the ongoing Covid-19 and economic circumstances.

These tariff reductions will affect more than 90 percent of all customer transactions when sending money. It will now cost KES 6 to send between KES 101 and KES 500, down from KES 11. Transactions of between KES 1,501 and KES 2,500 will cost KES 32 down from KES 41.

Read also: How To Apply For A Short Term MPesa Paybill Number From Safaricom

The rates have been adjusted with the highest sending fee for the highest amount set at Sh105 for Sh150,000. All transactions of KES 100 and below will remain free. In addition, all M-PESA customers will continue to enjoy free transactions between M-PESA and bank accounts.

“The price cuts are permanent, effective 1st January 2021 and will enable our more than 26.8 million customers to continue enjoying lower costs whenever they send money.” Ndegwa further said in the statement.

The new, reduced tariffs will equally apply to transactions for micro-Businesses under our new Pochi La Biashara service, and for Lipa Na M-PESA businesses using the Transacting Till to make payments.

Read also: KRA Can Now Pry Your MPESA and Bank Transactions for Tax Compliance

The maximum amount a  customer can transact on a daily basis is Sh300,000, which is the same amount any customer can hold in their M-pesa wallet.

Send Money
Min Max Fee
0 49 0
50 100 0
101 500 6
501 1000 12
1001 1500 22
1501 2500 32
2501 3500 51
3501 5000 55
5001 7500 75
7501 10000 87
10001 15000 97
15001 20000 102
20001 25000 105
25001 30000 105
30001 35000 105
35001 40000 105
40001 45000 105
45001 50000 105
50001 70000 105
70001 150,000 105

 

Safaricom says the measures and innovations to meet the needs of customers is part of their Customer Obsession maintenance strategy.

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Written by Vanessa Murrey

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