Kenya’s leading telecommunication service provider Safaricom has announced a reduction in the cost of mobile money transfer charges effective January, 2021.
In a statement released on Tuesday, Safaricom noted that it has reduced low value M-Pesa transaction fees by up to 45 per cent in line with a deal agreed with the Central Bank of Kenya (CBK) that ended free mobile phone money transactions of up to Sh1,000.
Effective January 1, 2021, M-Pesa users will pay Sh6 to send amounts ranging from Sh101 to Sh500, down from Sh11.
For transactions between Sh1,501 and Sh2,500, customers will be charged Sh32 transaction fee down from Sh41.
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“As guided by the Central Bank of Kenya and taking into account the Principles on the Pricing of Mobile Money Services, we have taken the decision to reduce our M-Pesa tariffs by up to 45 per cent for lower value transaction bands,” Safaricom said in a statement.
Meanwhile, the cost of withdrawing money from your M-pesa account will remain the same.
Additionally, you will not be charged any transaction fee when transferring money from M-Pesa to your mobile banking account.
Safaricom further noted that the price cuts are permanent meaning; they won’t be subject to review any time soon.
The move is a major relief for mobile money users, especially after CBK announced that the waiver on mobile money transfer for amounts below Sh1,000 will expire on December 31, 2020.
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