Safaricom has waived M-Pesa Transaction Costs

March 16, 2020 Majira Media

On Monday 16 March Safaricom released a statement on the waiver of M-pesa transaction charges.

In a statement released by the CEO Michael Joseph the giant telecommunication company has waived fees for person to person M-Pesa transactions below Kshs 1,000. Customers The waiver was applied on 17th March. These saw Kenyansstart enjoy free transactions on all withdrawals and payments below Ksh. 1000.

The company also announced that it had received approval from the Central Bank of Kenya to increase the daily transaction limit from the current Ksh 70,000 to Ksh 150,000.

This is after the company held a meeting with the Central bank Governor, Dr. Patrick Njoroge on the evolving situation around the COVID-19 pandemic.

The meeting followed the directive by President Uhuru Kenyatta to explore ways of deepening mobile money usage to reduce the risk of spreading the virus through the physical handling of cash. The president had ordered that players in financial sector should consider reducing the cost of transactions.

In an effort to support small and micro business enterprises. CBK has also approved the increase of daily M-Pesa transaction limits from the current Ksh 70,000 to Kshs.150,000. Kenyans will also be able to transact up to Kshs. 300,000 up from the current limit of Kshs.140,000 and hold up to Kshs. 300,000 in their M-Pesa wallets

This announcement comes as a big relief to customers who have always complained of high transaction charges from the telecommunication company.