2020 was a rough year for most people due to the global crisis that is COVID-19. Perhaps the saving grace or silver lining throughout the whole crisis period was the cushioning offered by governments and corporations.
Well, things are beginning to ease up and these relief measures are getting scrapped one after the other. In line with that, Safaricom is looking to offer its M-PESA customers a little reprieve moving forward.
Today thanks to the enactment of the Finance Act 2023, here are the new M-PESA transaction charges.
M-PESA Charges Starting July 29, 2023
Below is a table listing how much it’ll cost you to perform a transaction on Safaricom’s Mobile money platform, M-PESA starting July 29, 2023. Here are the 2023 M-PESA charges.
| TRANSACTION | RANGE (KSHS) | TRANSACTION | TYPE AND CUSTOMER | CHARGES (KSHS) | |
|---|---|---|---|---|---|
| MIN | MAX | TRANSFER TO M-PESA USERS, POCHI LA BIASHARA AND BUSINESS TILL TO CUSTOMER | TRANSFER TO OTHER REGISTERED MOBILE MONEY USERS | TRANSFER TO UNREGISTERED USERS | WITHDRAWAL FROM M-PESA AGENT |
| 1 | 49 | Free | Free | N/A | N/A |
| 50 | 100 | Free | Free | N/A | 11 |
| 101 | 500 | 7 | 7 | 47 | 29 |
| 501 | 1,000 | 13 | 13 | 51 | 29 |
| 1,001 | 1,500 | 23 | 23 | 61 | 29 |
| 1,501 | 2,500 | 33 | 33 | 76 | 29 |
| 2,501 | 3,500 | 53 | 53 | 115 | 52 |
| 3,501 | 5,000 | 57 | 57 | 139 | 69 |
| 5,001 | 7,500 | 78 | 78 | 171 | 87 |
| 7,501 | 10,000 | 90 | 90 | 211 | 115 |
| 10,001 | 15,000 | 100 | 100 | 273 | 167 |
| 15,001 | 20,000 | 105 | 105 | 296 | 185 |
| 20,001 | 35,000 | 108 | 108 | 318 | 197 |
| 35,001 | 50,000 | 108 | 108 | 318 | 278 |
| 50,001 | 150,000 | 108 | 108 | 318 | 309 |
Additionally, Safaricom is retaining the free M-PESA to Bank transactions, a measure that was brought in to encourage cashless transactions in a bid to curb the spread of Coronavirus.
Also, being retained is the increased capacity of an M-PESA account. M-PESA users can now have up to Ksh 300,000 on their M-PESA mobile wallet accounts while the daily limit to transactions is also retained at Ksh 300,000.
Safaricom remains the biggest teleco in Kenya with a market share of a little over 60%, according to data from the Communication Authority. Its mobile money platform, M-PESA, continues to reign supreme in the country with a 99% market share.
