You’ve heard? Kinaturamba Safaricom (and we expect others to follow suit as well) is revising pricing for the various products and services it offers in the wake of the coming into effect of the Finance Act 2023 which raises the excise duty on some products and services while lowering the same on others. Here are the details.
Now, in line with that, it has been expected that the rates for mobile money transfer services such as M-Pesa will be going up. This is because their excise duty has also gone up. From 12% to 15%. As such, it comes as no surprise that M-Pesa charges are also going up. Effective today, July 29th 2023, these are the new M-Pesa rates in Kenya:
Minimum transaction amount (in Kshs) | Maximum transaction amount (in Kshs) | Cost to transfer to M-Pesa users, Pochi La Biashara and Business Till to Customer (in Kshs) | Cost to transfer to other registered mobile money users (in Kshs) | Cost to transfer to unregistered users (in Kshs) | Cost to withdraw cash at an M-Pesa agent (in Kshs) |
---|---|---|---|---|---|
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 |
ATM charges
Minimum transaction amount (in Kshs) | Maximum transaction amount (in Kshs) | Cost (in Kshs) |
---|---|---|
200 | 2,500 | 35 |
2,501 | 5,000 | 69 |
5,001 | 10,000 | 115 |
10,001 | 35,000 | 203 |