In a significant announcement on Thursday, Safaricom, Kenya’s leading telecommunications company, revealed its revised M-Pesa charges for customers engaged in transactions ranging from Ksh150,001 to Ksh250,000. These adjustments come in the wake of the Central Bank of Kenya (CBK) recently raising the daily mobile money transaction limit to Ksh500,000, a move aimed at further advancing digital transactions in the country.
With Kenya firmly establishing itself as a hub for mobile money transactions, it comes as no surprise that locals are increasingly favoring digital over cash for the sake of speed and security. The synergy between regulators and telecommunications companies has led to periodic reviews of transaction limits, recognizing the ever-growing importance of digital finance in the lives of Kenyan citizens.
For Safaricom users looking to send money within the Ksh150,001 to Ksh250,000 range to registered M-Pesa users, the transaction fee will be Ksh108. Should they opt to transfer the same amount to unregistered M-Pesa users, the cost rises to Ksh318. Furthermore, withdrawals in this range will incur a charge of Ksh309. Transactions involving Pochi la Baishara and Business Till Numbers within this bracket will also cost Ksh108.
Safaricom’s CEO, Peter Ndegwa, expressed his enthusiasm regarding the increased transaction limit, emphasizing that it would enhance the convenience and facilitate smoother business operations for their valued clients.
As Kenya continues to pioneer digital financial services in Africa, the collaboration between regulatory bodies and telecommunication giants like Safaricom underscores the commitment to improving the safety and efficiency of mobile transactions in the country. These changes in M-Pesa charges signify a step forward in aligning the financial landscape with the digital age, offering Kenyan citizens more options and flexibility in managing their finances.
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