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
