Safaricom announces new M-Pesa tariffs based on excise duty
Safaricom has adjusted M-Pesa tariffs on the basis of Finance Bill, 2018 and the Provisional Collection of Taxes and Duties Act.
The government proposed a two per cent increase on the excise duty charged on service providers. Kenyans will now pay a 12 per cent excise duty on mobile money transactions, up from 10 per cent.
The telecommunications giant announced that the new tariffs are effective July 1.
The news charges are between Sh 1 and Sh3 higher.
Safaricom has limited the number of free transactions of below Sh100 to three per day. Thereafter, M-Pesa users will pay Sh1 for amounts between Sh1 and Sh49 and Sh2 for amounts between Sh50 and Sh100.
The maximum daily transaction value is Sh140,000 while the maximum amount per transaction is Sh70,000.
Safaricome further said that customers will not be able to withdraw less than Sh50 from agents.
“You cannot deposit money directly into another M-Pesa customer`s account at an agent outlet,” it added, as stated in the notice below.