Safaricom announced new charges for customers transacting money between the range of Ksh 151,000 and Ksh 250,000.
Mpesa users making transactions to registered Mpesa users between Ksh 151,000 and Ksh 250,000 will be charged a transaction cost of Ksh 108. For the transactions made to unregistered Mpesa users, the cost for transfer will be Ksh 318 and Ksh 309 for withdrawal.
The same amounts ( Ksh 108) would be applied to transactions to Pochi la Biashara and Business Till Number.
These new transactions come after the Central Bank of Kenya increased the daily mobile transaction limit to Ksh 500,000. This increased limit is a direct result of the increased rate of digital transactions between people in the country.
“Safaricom has today increased the Mpesa transaction limit to Ksh 250,000 for each transaction. The move will see the addition of a new transaction band of Ksh 151,000 to Ksh 250,000 for Send Money, Lipa an M-Pesa BuyGoods, PayBill and all other transactions,” the company announced.
Mobile Transactions in Kenya
Kenya has become the home for mobile transactions ahead of most African countries. For this reason, many have ditched cash transactions for safer and faster transaction processes.
Consequently, telecommunication companies and regulators have reviewed transaction limits to accommodate the importance of digital finance in Kenyans’ lives. They have also made a move to improve the safety of transactions through software such as the Hakikisha alerts.
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According to the Safaricom CEO, Peter Ndegwa, the increased transaction limits would make room for clients to conveniently carry out businesses through their mobiles. They will now not have to go directly through the banking system.
In addition to that, the new limits have allowed more Kennyans to opt out of bank accounts for transactions and rely more on M-pesa for faster and safer transactions. The move has allowed more Kenyans to go cashless.
Read Also: Safaricom Increases Daily Transaction Limits to Ksh500,000
