Safaricom cuts M-Pesa rates, See new the charges

M-Pesa Rates: Leading telecommunications giant Safaricom has reduced charges for M-Pesa transactions in Kenya. The leading telco has cut the charges by up to 45 per cent. The reductions are expected to have a positive impact on about 90 per cent of all Safaricom customers.

“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.” Safaricom chief executive officer Peter Ndegwa said while announcing the reductions.

These reductions come after months of zero rated transactions of between Sh. 1 and Sh. 1,000.

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“We have reduced our M-PESA tariffs by up to 45% for lower value transaction bands. This is in consideration of the expiry of the period for the zero-rated M-PESA transactions and the ongoing Covid-19 and economic circumstances,” said Ndegwa. “These tariff reductions will affect more than 90 percent of all customer transactions when sending money.”

Following the reductions, it will now cost Sh. 6 to send between Sh. 101 and Sh. 500, down from Sh. 11.  At the same time, transactions of between Sh. 1,501 and Sh. 2,500 will cost Sh. 32 down from Sh. 41.

All transactions of Sh. 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 and will enable the more than 26.8 million Safaricom’s M-Pesa 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 Ndegwa.

The new M-PESA Rates will be as below: