Safaricom Cuts MPESA Transaction Charges by nearly Half-See New Charges
Safaricom has announced a major change to MPESA transaction charges and tariffs. Effective 1st January 2021, Mpesa transaction charges will be reduced by upto 45%.
“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 MPESA tarrifs by upto 45% for lower value transaction bands,” the company said in the notice.
According to safaricom, these tariff reductions will affect more than 90% of all customer transactions when sending money. For instance, it will cost Ksh. 6 to send between Ksh. 101 and Ksh. 500 down from Ksh. 11 and sending between Ksh. 1501 and Ksh. 2500 will cost Ksh. 22 down from Ksh. 41.
The company says this is in consideration of the expiry of the period for zero rated MPESA transactions and ongoing COVID-19 and economic circumstances.
Here are the new charges that will be effective from January 1st 2021 and will remain permanent.
|MIN||MAX||TRANSFER TO MPESA USERS, POCHI LA BIASARA AND BUSINESS TILL TO CUSTOMER||TRANSFER TO OTHER REGISTERED MOBILE MONEY USERS||TRANSFER TO UNREGISTERED USERS||WIHTDRAW FROM MPESA AGENT|
Just like it was mentioned below on the CBK directive, all transactions of KES 100 and below will remain free. Customers will be charged Ksh.10 however to withdraw Ksh. 100.
Safaricom says that all MPESA customers will continue to enjoy free transactions between MPESA and bank accounts. They have also maintained the KES 300,000 limit to transact in a day and the KES 300,000 you can hold in your MPESA account that was brought forth this year as part of the COVID-19 related measures.
The new reduced tariffs will also apply to transactions for micro-businesses under their new Pochi La Biashara service, and for Lipa Na MPESA businesses using the Transacting till to make payments. NEXT