Kenyan mobile network operator, Safaricom has recently announced price cuts to M-Pesa tariffs with a reduction in their transaction fees of up to 54% with effect from 1st January 2021 and it comes shortly after the Central Bank of Kenya’s (CBK) moves to end free mobile phone money transactions of up to Sh1,000.
With the COVID-19 realities still in view, the initiatives will be executed under the guidance of the new set of principles set by CBK controlling mobile money services in its setting of the new charges.
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 and lower transaction costs for other money transfers.
The new 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.