Safaricom has announced it will be reducing M-Pesa transaction charges effective 1st January 2021. This will come immediately after the expiry of the zero-rated transactions below KES. 1,000 which the Central Bank of Kenya (CBK) has set to expire on 31st December 2020.
The company has said it has been guided by the new set of principles set by CBK controlling mobile money services in its setting of the new charges. Customer will enjoy a reduction of up to 45% for about 90% of the common transactions. 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.
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 with more than 26.8 million customers to continue enjoying lower costs whenever they send money.
The new reduced tariffs will equally apply to transactions for micro-Businesses under the new Pochi La Biashara service, and for Lipa Na M-PESA businesses using the Transacting Till to make payments.
M-Pesa accounts will still be able to hold up to KES. 300,000 with limits of KES. 150,000 per transaction.
M-Pesa Transaction Charges Effective 1st January 2021:
|Min||Max||Transfer Fee to M-Pesa Users, Pochi La Biashara, and Business Till to Customers||Transfer to other registered mobile money users||Transfer to unregistered users||Withdrawal from M-Pesa Agent|
For those withdrawing M-Pesa using the ATMs, the charges will be as follows:
|Min||Max||ATM Withdrawal Charges|