M-PESA rates change depending on the transaction you are making. You can use M-PESA to buy airtime for your phone or someone else’s for free. Charges to send or withdraw money depend on the amount you are transacting. SAFARICOM, the mobile service provider may review or introduce new M-PESA tariffs from time to time.
New M-PESA Rates and Tariffs
|Transaction Range (KES)||Transaction Type and Customer Charge (KES)|
M-PESA Costs for ATM Withdrawal
|Min (KES)||Max (KES)||M-PESA Charges|
M-PESA Charges for Other Transactions
|Buying Airtime through M-PESA||FREE|
|M-PESA Balance Enquiry||1|
|Change M-PESA PIN||22|
- Maximum Account Balance is Ksh100,000
- Maximum Daily Transaction Value is Ksh140,000.Maximum per transaction is Ksh70,000
- You cannot withdraw less than Ksh50 at an M-PESA agent outlet
- To transact, your SAFARICOM line and M-PESA account must be active
- At an agent outlet, you cannot deposit money directly into another M-PESA customer’s account
- You earn BONGA points when you transact on M-PESA.
- To register or transact at any M-PESA Agent outlet, you will be required to produce your original identification document, i.e., National ID, Passport, Military ID, Diplomatic ID or Alien ID/Foreigner Certificate
Recently, there have been reductions largely benefiting those transacting in the lower bands. The charges required to send KES 501 to KES 1000 has been cut down by 44% from KES 27 to KES 15. Sending KES 1001 to KES 1500 was also reduced by 24.2% from KES 33 to KES 25.
These changes however do not favor those transacting in the higher bands who will have to spend more to send money. Sending KES 1501 to KES 2500 has been increased by 21.2% from KES 33 to KES 40. The largest rise will be for those sending KES 3501 to KES 5000 band who will have to KES 60 up from KES 33, a whopping 81% increase.
These revisions may be viewed as a wide eyed move bracing itself for competition from other mobile money transfer agents such as Airtel and new entrant Equity. This comes as a major tariff review since its launch in 2007. While the transaction fee cuts by Airtel Money Service may not have influenced SAFARICOM’s move as much, the entrance of Equity bank may have made things a little more competitive. The bank is known for coming up with products that benefit and relate more with the common mwananchi.
SAFARICOM CEO Bob Collymore, commented on these changes stating,
“The good news is that we have introduced lower charges for smaller transactions but at the same time we have had to increase the charges levied on the bigger amounts being transferred. This is motivated, in large part, by the need to give greater incentives to our growing agent network to embrace higher value transactions, while improving overall efficiency for our customers, particularly float availability.”
Bob Collymore cited that the tariff reviews as largely influenced by customer feedback.
“It was very clear to us when we undertook this tariff review that we were in a unique position to extend the benefits of financial inclusion to more Kenyans, particularly those in lower income groups who rely very heavily on our service.” He added, “We are particularly conscious of the fact that about 7 in 10 adults in Kenya now have access to some form of mobile money service and as the pioneers in this space we have a specific role to ensure that our service remains affordable to everyone.”
Other than sending and receiving M-PESA now enables you to pay for goods and services making it a lot easier in how Kenyans do their businesses.
Check the official SAFARICOM Page for updates and revisions on the new MPESA rates and charges.