The New M-Pesa Rates Effective From July 1 – Here Is What You Need To Know

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The M-Pesa service in Kenya was launched in 2007 with the aim to create a straightforward financial service that people could easily use from a basic feature phone. There was a gap when it came to transferring money. Over the years we have seen the rapid growth of the system. There has been an increase in the number of people who use it. Safaricom has also rehabilitated several aspects of the product. It has subdivided M-Pesa into various subsections depending on the function of the money being sent. From raising money for peoples medical funds, paying for goods and services. Now you can be able to save your money, get loans, and get medical insurance all on your phone.

During the last budget reading, the government adjusted the Financial Bill and The Provision Collection of Taxes and Duties Act. Treasury Cabinet Secretary Henry Rotich said mobile money service providers would pay more taxes. A 2% increment on excise duty on mobile money transfer was imposed and in line with this, Safaricom has adjusted their rates. The new charges for using M-Pesa are slightly higher.

The difference in transaction cost increases with an increase in the amount you are using. For instance, transferring money that’s is lower than 500 to registered M-Pesa users remains the same at 11 shillings and the withdrawal charge is still 27 shillings. The proceeding group of transaction range has had an increase in withdrawal price of 1 shilling. The new rates were effective as of the 1st of July. It is still free to send money under 100 shillings. Here are the new M-Pesa rates.

 

New Rates for Registered M-Pesa users

Transaction Range Transfer Withdrawal from Agent
1-49 free N/A
50-100 free 10
101- 500 11 27
501 – 1000 15 28
1001 – 1500 26 28
1501 – 2500 41 28
2501 – 3500 56 50
3501 – 5000 61 67
5001 – 7500 77 84
7501 – 10000 87 112
10001 – 15000 97 162
15001 – 20000 102 180
20001 – 35000 105 191
35001 – 50000 105 270
50001 – 70000 105 300

 

New Rates for Unregistered M-Pesa users

Transaction Range Transfer Withdrawal from Agent
1-49 N/A N/A
50-100 N/A N/A
101- 500 11 45
501 – 1000 15 49
1001 – 1500 26 59
1501 – 2500 41 74
2501 – 3500 56 112
3501 – 5000 61 135
5001 – 7500 77 166
7501 – 10000 87 205
10001 – 15000 97 265
15001 – 20000 102 288
20001 – 35000 105 309
35001 – 50000 105 N/A
50001 – 70000 105 N/A

 

You can also withdraw money from ATM, through M-Pesa.

New ATM Rates

Transaction Range Customer Charge
200 – 2500 34
2501 – 5000 67
5001 – 10000 112
10001 – 20000 197

Safaricom Customers Have A Chance To Win Apartments And Cash In The Maisha Ni M-PESA Tu Promotion

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