Kenya: Safaricom PLC cuts M-Pesa payroll charges in half

NAIROBI, Kenya – East Africa’s largest telecommunications company-Safaricom PLC has minimize its M-Pesa billing charges by half to advertise competitors within the cell cash business.

Safaricom clients who pay between $0.81 and $4.05) in cost charges will now be charged $0.032, down from $0.19 in new tariffs efficient subsequent Sunday.

- Advertisement -

All transactions underneath $1 have been zero rated. These are a part of new fees for cash transactions between clients and companies, amid elevated demand for cell cost providers.

Funds between $4 and $8.10 will cost $0.073, down from $0.19 whereas these between $405 and $1,215 will value $0.85, down from $1.70.

The businesses that ship cash to clients will probably be charged $0.041 for funds between $0.81 and $12.16, in comparison with the present $0.12.

Safaricom PLC’s assertion reads: “Within the new modifications, M-Pesa charges have been lowered by a mean of 41 % whereas M-Pesa Paybill charges have been lowered by a mean of 47 %. The Pay Invoice tariffs additionally apply to clients sending cash to a financial institution.”

Safaricom Plc has additionally introduced new charges for transactions between financial institution accounts and M-Pesa the place bank-to-M-Pesa transaction charges have been lowered by a mean of 61 % and M-Pesa-to-bank charges have been lowered by a mean of 47 %.

In the course of this month, the Central Financial institution of Kenya (CBK) then introduced the reintroduction of charges for transactions between cell cash wallets and financial institution accounts following negotiations with cell cash lenders and cost corporations.

“The reduced M-Pesa to bank rate will also apply to all M-Pesa payment bills that customers use for electricity, hospital bills, schools, government payments, etc. to ensure affordability,” Safaricom Plc mentioned in a press launch. earlier assertion final week.

CBK waived the charges in March 2020 as a part of measures taken by the federal government to facilitate the usage of cell cash to stop the unfold of Covid-19.

The reintroduction of the charges will improve income for lenders who document transaction revenue as a part of their non-financed revenue, and cell community operators who derive important quantities of their revenue from cell cash transactions.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept

Privacy & Cookies Policy