Safaricom has decided to revise downwards the transaction charges for their mobile money service M-PESA, a year after raising them.
The transaction fees have been reduced by up to 67% in the Kshs 10-1,500 transfer range. Amounts exceeding Kshs. 1,501 will be charged transaction fees at an average of 0.8%.
Note: the only charges that have been affected are the cash sending charges between registered MPESA users. All the other charges remain the same.
The M-PESA charges revision is most likely due to Equity’s foray into the mobile money market through their subsidiary Finserve. They announced in May that their mobile money transfers will be charged at 1% of the transaction value and that charges will be capped at Ksh 25 per transaction.
The new M-PESA tariffs, which take effect from Thursday 21st August 2014, are below:
|Transaction Range (Ksh)||Transaction Type and Customer Charge (Ksh)|
|Min||Max||Transfer to other
|Transfer to Unregistered Users||Withdrawal from
|Transaction Range (Ksh)|
|Buying Airtime through M-PESA||FREE|
|M-PESA Balance Enquiry||1|
|Change M-PESA PIN||22|