Telecommunications company Safaricom has announced that it will reduce its M-Pesa “send-money” fees by up to 45 per cent.
“This is in consideration of the expiry of the period for the zero-rated M-Pesa transactions and the ongoing COVID-19 pandemic circumstances,” Safaricom said in a press statement on Tuesday, December 22.
Last Thursday (December 17), the Central Bank of Kenya (CBK) announced that beginning January 1, 2021, users will no longer enjoy free transfer Ksh1,000 and below on mobile money platforms.
Safaricom projects that the reduced money transfer costs will affect at least 90 per cent of its subscribers.
“It will now cost Ksh6 to send between Ksh101 and Ksh500, down from Ksh11. Transactions of between Ksh1,501 and Ksh2,500 will cost Ksh32, down from Ksh41,” said Safaricom.
The transfer cost of monies between Ksh501 and Ksh1,000 will cost the sender Ksh12, said the telco.
In compliance with CBK’s December 17 directive, Safaricom said it won’t charge users sending less than Ksh100.
Withdrawal charges, however, remain unchanged.
Below is a full compilation of the new transfer costs: