Safaricom Cuts M-Pesa Charges

M-pesa charges

Kenyan Telco Safaricom Plc, has announced reduced M-Pesa Charges effective from January 1st, 2020.

The new tariff rates come just as the Central Bank of Kenya (CBK) said emergency measures would lapse at end of the year. The CBK measures, which had been put in place to cushion the average Kenyan during the pandemic had seen charges removed for mobile money transfers of Sh1,000 or less.

“We have taken the decision to reduce our M-Pesa tariffs by up to 45pc for lower value transaction bands. This is in consideration of the expiry of the period for the zero-rated M-Pesa transactions and the ongoing Covid-19 and economic circumstances,” Safaricom CEO Peter Ndegwa said while also noting that the tariff reductions were formulated in collaboration with CBK.

Transfers of Sh100 and below will remain free of charge while transfers between Sh101 and Sh500 will cost Sh6 down from Sh11.

Transfers of between Sh1,501 and Sh2,500 will cost Sh32, down from Sh41 with transfers between Sh2,501 and Sh3,500 costing Sh51 down from Sh56.

Transfers of between Sh3,501 and Sh5,000 will cost Sh55 down from Sh61 and transfers of between Sh5,001 and Sh7,500 will cost Sh75 down from Sh 77.

The cost of transferring between Sh7,501 and Sh10,00 will remain unchanged at Sh87. Rates for transfers of amounts above Ksh1,000 will also remain unchanged.

“Our 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,” the telco noted.

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Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

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