Safaricom PLC has announced new M-Pesa transaction charges ahead of the expiry of the period for the zero-rated M-PESA transactions that was put in place due to the ongoing pandemic.
In an announcement Safaricom Chief Executive officer (CEO) Peter Ndegwa said that the cost of sending Sh101 to Sh500 will cost Sh6, while Sh1,501 to Sh2,500 will cost Sh32 down from Sh41 effective January 1,2021.
He added that the price cuts are permanent to enable more than 26.8 million customers to continue enjoying lower costs whenever they send money.
“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,” said Peter Ndegwa.
Ndegwa also mentioned that the maximum a customer can transact daily or hold in Mpesa account is Sh300,000.
“As part of different measures to help the country better weather the Covid-19 Pandemic, we announced the temporary zero-rating of M-PESA transactions in March. Our regulator, the Central Bank of Kenya under the leadership of Dr. Patrick Njoroge has been instrumental in the formulation of this and other measures across the financial sector which have resulted in significant gains in the form of the ongoing economic recovery.
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” said Peter Ndegwa.