Home Business Safaricom Scraps Transaction Fee For Amount Below Sh1,000

Safaricom Scraps Transaction Fee For Amount Below Sh1,000

Leading Kenya’s mobile network operator Safaricom has today scrapped Mpesa Transaction fee for any amount less than Sh1,000.

The company Chief Executive Officer (CEO) Michael Joseph announced that the decision to scrap Mpesa transaction fee for amount less that Ksh 1,000 followed a lengthy discussion with Central Bank of Kenya Governor Dr. Patrick Njoroge.

He elaborated that the move is in-line with President Uhuru Kenyatta’s urge for Kenyans to embrace mobile money transfer to avoid contracting the deadly Covid-19 virus.

“In the meeting it was agreed that all person-to-person transactions below Sh1,000 shall be free. This means that from tomorrow [Tuesday] morning, M-Pesa users will be able to to send any amount below Sh1,000 for free over the next 90 days,” Safaricom CEO Michael Joseph said in a statement.

READ ALSO: Safaricom Set To Integrate M-Ledger On The New MySafaricom App

The company also increased limits for the amounts transacted in a day from the Ksh 70,000 to Ksh 150,000.

“To support this, and in particular small and micro business enterprises (SMEs), CBK has also approved the increase of daily M-Pesa transaction limits from the current Sh70,000 to Sh150,000. Kenyans will also be able to transact up to Sh300,000 up from the current limit of Sh140,000 and hold up to Sh300,000 in their wallets,” He added.

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