The Coronavirus Pandemic is still with us and many are still trying to recover from the effects of the whole ordeal. One of them being Safaricom and their ‘money transfer child’ M-Pesa. The free transactions expire on the 31st of December according to the Central Bank of Kenya and it looks like there will be changes to the M-Pesa Transaction rates.
M-PESA Transaction Cost REDUCTION
The Telco is taking a step to reduce its M-PESA tariffs by up to 45%. These cost reductions will affect more than 90 per cent of all customer transactions when sending money.
For instance, it will now cost
- KES 6 to send between KES 101 and KES 500, down from KES 11.
- Transactions between KES 1,501 and KES 2,500 will cost KES 32 down from KES 41.
Some perks will still be available. 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, effective 1st January 2021. They will enable our more than 26.8 million customers to continue enjoying lower costs whenever they send money,” says Safaricom.
|Maximum Amount Customer Can Transact Daily||Maximum Amount Customer Can Hold in M-PESA|
New M-PESA Tariffs will be as below:
Their 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.
As part of our Customer Obsession strategy, we maintain our commitment to continue to introduce new measures and innovations that meet the needs of our customers. ~ Peter Ndegwa