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M-PESA Transaction Charges Increase Following Enactment of The Finance Act

ElvyLewis Ndungu by ElvyLewis Ndungu
August 1, 2023
in News
Reading Time: 4 mins read
303
0
MPESA

Kenya’s largest telecom operator, Safaricom is reviewing the pricing for its various services including Mpesa charges after Kenya’s Court of Appeal lifted the suspension on the Finance Act, 2023.

Busia Senator Okiya Omtatah had filed a petition against the implementation of the Act after the president had signed it into law which saw the Act suspended. The Court of Appeal lifted the suspension on 28th July following an application from the CS of Treasury, Prof. Njuguna Ndung’u.

The new M-PESA transaction charges will increase from 12% to 15%. The updated Mpesa charges took effect on 29th July 2023 and reflect changes in the Exercise duty on goods and services as outlined in the Finance Act following its enactment. In addition, excise duty on SMS, calls, and Home Fibre will decrease by 5% (from 20% to 15%).

A statement from Safaricom announcing the changes reads: “Effective 29th July 2023, we will be reviewing our call, SMS, data, fiber, M-PESA pricing to reflect the increase in the excise duty rate on fees charged on mobile money transfer services from 12% to 15% and the decrease in excise duty rate in telecommunication services (call, SMS, data and fibre) from 20% to 15%.”

The enactment of the Finance Act will also see digital content creators pay a 5% withholding tax.

Updated M-PESA Transaction Charges

Here are the revised M-PESA tariffs:

Transfer To Other Registered Mobile Money Users

MINMAXCHARGES
149FREE
50100FREE
1015007
501100013
1001150023
1501250033
2501350053
3501500057
5001750078
75011000090
1000115000100
1500120000105
2000135000108
3500150000108
50001150000108

Withdrawal from M-PESA Agents

MINMAXCHARGES
149N/A
5010011
10150029
501100029
1001150029
1501250029
2501350052
3501500069
5001750087
750110000115
1000115000167
1500120000185
2000135000197
3500150000278
50001150000309

Transfer to Other M-PESA Users, Pochi La Biashara, and Business Till To Customer

MINMAXCHARGES
149FREE
50100FREE
1015007
501100013
1001150023
1501250033
2501350053
3501500057
5001750078
75011000090
1000115000100
1500120000105
2000135000108
3500150000108
50001150000108

Transfer To Unregistered Users

MINMAXCHARGES
149N/A
50100N/A
10150047
501100051
1001150061
1501250076
25013500115
35015000139
50017500171
750110000211
1000115000273
1500120000296
2000135000318
3500150000318
50001150000318

ATM Withdrawal

MINMAXCHARGES
200250035
2501500069
500110000115
1000135000203

Other Charges

OTHER TRANSACTIONSCHARGES
All deposits0
M-PESA Registration0
Buying Airtime Through M-PESA0
M-PESA Balance Enquiry0
Changing M-PESA PIN0

You can view the application charges on the go by dialing *334# or using the M-PESA cost calculator on My Safaricom App.

Tags: M-PesaSafaricom
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ElvyLewis Ndungu

ElvyLewis Ndungu

Just a guy who loves to code and has a passion for storytelling | Bringing you the latest on all things tech. You can reach me via [email protected] or on Twitter.

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