Safaricom slashes M-PESA tariffs, app announced

March 29, 2017 8:36 am83 commentsViews: 17
Safaricom

Safaricom

NAIROBI, (CAJ News) – SAFARICOM has announced a number of initiatives to increase the convenience of M-PESA as it continues to extend the gains of mobile money ten years after the platform’s launch in Kenya.
From next week, Safaricom will implement a 50 percent tariff reduction for all Lipa Na M-PESA Buy Goods merchant fees.
Under this new Lipa Na M-PESA tariff, merchants will be charged a maximum of 0,5percent of the transaction amount, down from the previous maximum of 1 percent.
In addition, Lipa na M-PESA merchants will charged a flat fee of Sh200 (US$1,94), for any payments above Sh40 000.
“We trust that this development will boost the attractiveness of the Lipa Na M-PESA platform to more small and medium enterprises while making the service more affordable compared to other alternatives in the market,” said Bob Collymore, CEO, Safaricom.
In addition, the M-PESA Kadogo tariff announced in October 2016 will be expanded for Lipa Na M-PESA Buy Goods to enable merchants to receive all transactions of Sh200 and below at no cost.
Merchants will also enjoy the convenience of instant processing of payments made through Lipa Na M-PESA to their bank accounts, with the service now available at 23 participating banks. This will cut down the time that it takes to move money from a Lipa Na M-PESA till to a bank account from as much as 28 hours down to seconds.
On Wednesday, Safaricom also announced availability of M-PESA functionality in the mySafaricom App, which will see the more than 24 million M-PESA customers enjoy the convenience of transacting from their Android and iOS smartphones.
M-Pesa is a mobile phone-based money transfer, financing and microfinancing service, launched in 2007 by Vodafone for Safaricom and Vodacom.
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