Today, as it faces new challenges, it has 30 million users in 10 countries and three continents. Safaricom had lowered the minimum size of an mpesa transaction and had lowered the tariffs on the smallest transaction tiers. Vodafone group launched mpesa, an innovative payment service for the unbanked. Contents show 1 mpesa charges for withdrawal from a mpesa agent 2 mpesa rates for transfer to unregistered users 3 mpesa charges for sending money to mpesa users 4 mpesa transactions rates. Methodology data was collected through questionnaire, interviews and journals. The nhif new rates effective date was april 1st, 2015. Transactions between your mpesa and bank accounts have been made much easier. How mpesa works, its services, charges and transaction rates. Safaricom mpesa rates, mpesa charges, tariffs for shabiki, betika. To know its usage and know how many people use mpesa.
Majority of the mpesa users are still low income earners and hence the money they move out of their mpesa accounts for either making payments for stock replenishment is still the same money that comes. Safaricom announced the good news while unveiling their six months profit which amounted to ksh23 billion. Socioeconomic effects of mpesa adoption on the livelihoods of people in bureti sub county, kenya article pdf available december 2015 with 1,145 reads how we measure reads. Also there are mpesa charges 2018 for atm withdrawals. Mar 02, 2012 i am still optimistic that one day an mpesa customer will be able to use hisher transactions statement and acquire a loan with a local bank. Safaricom implemented the new mpesa rates after the kenyan government proposed a 2% increase on the excise duty charged on.
That said, it is important to know just how much the conveniences offered by mpesa is costing us. The transactions rates used was set by safaricom on 21st august 2014, in case the transaction rates are charged we will update the application. Even as we talk about mpesa rates, there are a few things you need to know. Financial services for the underbanked contributed. Mpesa tariffs no transaction without an original id ke customer charges transaction range kshs transaction type and customer charges kshs min max transfer to mpesa users transfer to other mobile money users transfer to unregistered users withdrawal from mpesa agent 1 49 free na na na 50 100 free na na 10 101 500. This rapid takeup is a clear sign that mpesa fills a gap in the market.
Apart from kenya, other countries using the mobile system include. Top benefits of using mpesa to pay for government services. Oct 17, 2018 mpesa has over 17 million users in kenya which is more than 60% of the countrys adult population. Safaricoms mobile money transfer mpesa charges its customers a smaller transaction fee compared to other financial institutions. Pdf mpesa rates and charges isaac mugwandia academia. This service is free and you will only pay for the airtime purchased. As many on twitter noted and peter gakuremwangi noted on, this. Comparison of the new and old mpesa charges hapakenya. The minimum amount you can withdraw via mpesa in a day is ksh. Anyone can send money in all over kenya through mpesa. The following are the mpesa trasfer charges and rates 2020. From the table of mpesa rates kenya 2018 provided below, you will see that you cannot withdraw an amount of money that is below kshs 50 from mpesa. Within the first month safaricom had registered over 20,000 mpesa customers, well ahead of the targeted business plan. Mpesa continues to dominate kenyan market mobile world live.
Here are the new mpesa charges for the different scenarios. Below are the safaricom mpesa charges 2018 for all tariffs both withdrawal, transfer to both registered and unregistered users. Safaricom new mpesa charges in comparison with the old mpesa. It has since expanded to afghanistan, south africa, india and in 2014 to romania and in 2015 to albania. New rates august 2014 old rates february 20 min max transfer to mpesa users transfer to mpesa users change 50 100 3 5 2 101 500 11 27. This is after treasury cs henry rotich increased excise duty on all mobile money transfers by 2 per cent. This study is the first of its kind to explore the. These are the latest rates mpesa withdrawal charges from.
Use the mpesa charges calculator to get actual safaricom mpesa rates for any amount within the allowed limits. Tanzania, afghanistan, south africa, india, egypt, lesotho and mozambique. These new mpesa rates were released in august 2014. Im sure that mpesa users throughout the country will roundly welcome this news. Mpesa rates have remained relatively constant for quite some time now. So here are the latest rates and charges for mpesa transfer. Jan 01, 2020 the amount you pay will largely depend on the amount you are transacting. Though there a few things that have changed, much remains the same. The adjusted mpesa rates as of july 2018 are in line with the finance bill, 2018 and the provisional collection of taxes and duties act, take effect on july 1, 2018. To transact, your safaricom line and mpesa account must be active. With these mpesa transaction rates, you be able to know how much you are charged and the amount of cash you want to send or receive.
If you use safaricoms mpesa, then you should know that the telco has adjusted its rates upwards as of the 1st of july 2018. Mpesa charges for sending money and withdrawal released by safaricom are set to take effect on july 1, 2018. Mpesa pay bill service mpesa pay bill service is a mobile banking facility that we are offering our members to enable them make payments through mpesa using their mobile phones at the comfort of their homes. Mpesa charges will depend on the amount you are sending or withdrawing. Questions like their charges for withdrawing from an agent, cost of transferring money to an unregistered safaricom number, and rates are always in the spotlight.
Mpesa brings leisure to people right where they are. Mpesa rates and charges mpesa tariffs and mpesa paybill numbers. Jun 24, 2015 it only makes sense that mpesa would be the most convenient method available to pay for government services. Its conveniences outweigh any shortcomings my a large margin. Mpesa is a mobile money transfer service in kenya, its one of the best online payment options. If you wish to make a balance query you will be charged tsh 60. With mpesa, one need not get away from work to enjoy free time. After a stellar launch, the company has continued to be incredibly successful and has shown no signs of slowing down. The mpesa mobile payment system was launched in kenya in 2007. What you need to know about transacting on mpesa in 2019. Over 2 trillion shillings are transacted yearly through the service in the country. Kenyans will now have to pay more while sending and receiving money via safaricoms mpesa starting sunday july 1 2018. The amount you pay will largely depend on the amount you are transacting.
Jul 01, 2018 safaricom has today adjusted their mpesa charges. The new mpesa charges that took affect as from 19th august, 2014, will see, the telecommunications giant safaricom getting a total increase in mpesa withdrawal charges increasing by ksh 289. According to the company, the change was necessitated by the finance bill 2018 which raises the excise tax on mobile money from 10% to 15%. Transaction range ksh transaction type and customer charge ksh min. These are the new mpesa rates as of july 2018 techarena. The research was done in mombasa and nairobi, where most users are found. For mpesa accounts that are not used for more than 150 days, a fee of tsh 600 will be charged for account maintenance every month. List of mpesa paybill numbers of all banks in kenya. You should also note that you can only send a maximum of 70,000 per transaction. New mpesa charges 2019 updated mpesa rates fleekbook. Is mpesa a model for financial inclusion and women empowerment in kenya.
Safaricom implemented the new mpesa rates after the kenyan government proposed a 2% increase on the excise duty charged on service providers. Jan 01, 2020 mpesa bank paybill numbers for banks in kenya are ussd codes that are used to transfer money from your bank to mpesa and mpesa to bank. We use mpesa now to send money to family and friends, to pay for goods, to pay bills, school fees and everything else in between. What makes it even more preferable is that the minimum amount of money a customer can send or receive was reduce to kshs. You will notice that while the charges for transactions less than 100 kenyan shillings have stayed the same, the charges for transaction higher than ksh. Therefore, you will have to send the 140,000k in two batches. Mpesa displays account balances on every transaction confirmation for free. According to the company, the change was necessitated by the finance bill 2018 which raises the excise tax on mobile money from 10% to. For the avoidance of doubt, we have compiled the various mpesa rates according to. Kenya kra paye calculator 2020 income tax, nssf, nhif. Mpesa withdrawal charges and rates buying guides, specs. Cgap provided an update to this article in october 2014. What are some problems of the mpesa payment system.
After you activate your account, you can start using mpesa services. Its always annoying when you try to send money and you receive a message that you cant send the money because your mpesa balance does not cover the cost of sending the money. Feb 10, 2020 below is a comprehensive table showing new mpesa rates for withdrawing money from an agent in 2020. The nhif management adopted new nhif rates in a nhif rates gazette notice of 6th february 2015. Though the mpesa rates have not changed much, its a relief to individuals who will be sending less than ksh100 to their loved ones. Feb 21, 2017 the mpesa mobile payment system was launched in kenya in 2007. Financial services for the underbanked contributed by the shared value initiative the opportunity the strategy credit. With high penetration rates, attention is now being placed on the. Here, well take a look at the mpesa withdrawal charges that safaricom have set. Mpesa bank paybill numbers for all banks in kenya ekopa mag. But i will mention a few that i have observed mpesa is offered by safaricom, kenyas biggest service provider. This increase forced safaricom to adjust upwards the amount they charge you to transact mpesa. You are also limited to 2 transactions of the same amount everyday. Mpesa withdrawal charges and rates posted in mpesa kenya, mpesa pay bill last updated on march 2nd, 2020 by harrison m current safaricom mpesa charges for sending and withdrawing money though a safaricom agent, atm and mpesa tariffs when transferring cash both to registered and nonregistered mpesa users.
Nhif new rates meant that kenyans who work in the formal sector will now pay higher national hospital insurance fund nhif monthly contributions. Mobile banking in kenya has increased the transactions and way of doing business. The maximum you can send is ksh 70,000 per transaction and ksh 140,000 per day. Mobile money is a tool that allows individuals to make financial transactions using cell phone technology. Safaricom mpesa is the mostly accepted and used mobile money transfer service. Earns an additional 1% over the rates above minimum loan amount kes 100 maximum loan amount kes 100,000 loan pricing 7. In this paper, we report initial results of two rounds of a large survey of households in kenya, the country that has seen perhaps the most rapid and widespread growth of a mobile money product. The second table shows the rates for sending money to other mpesa users both registered and unregistered users. You can use your mpesa menu to buy airtime for your phone, or for someone else. The cost of withdrwaing money from mpesa largely depend on the amount of cash you want to transact. There is no longer a need to make long queues to access and pay for government services. Dec 22, 2017 safaricom mpesa is the mostly accepted and used mobile money transfer service. Mpesa an agentassisted, mobile phonebased, persontoperson payment and money transfer system, was launched in kenya on march 6, 2007. Mpesa mobile money transfer service in kenya, best online.
Communitylevel economic effects of mpesa in kenya initial. This is after safaricoms announcement that was made on saturday 30 june. Failure andor late paye payments will incur penalty at the rate of 25 per cent of amount paid late as per section 372 of the income tax act and interest at 1% per month per as per section 381 of the tax procedures act, 2015. Jan 23, 2020 this is a list of mpesa paybill numbers of all banks in kenya.
Aug 20, 2014 safaricom the kenyan giant telecommunication company has yet again revised the mpesa charges. Atm withdrawal 5 lipa na mpesa charges 2020 6 charges for buy good and services 7 to get your bonga point pin, 8. The new mpesa tariffs rates are in compliance with the finance. Its also worth noting that mpesa charges increased with the passage of the new finance bill 2018 by the kenyan parliament and the provisional taxes and duties collection act sometimes in mid2018. May 03, 2020 read on to find the updated mpesa charges in 2020. Mpesa m for mobile, pesa is swahili for money is a mobile phonebased money transfer, financing and microfinancing service, launched in 2007 by vodafone for safaricom and vodacom, the largest mobile network operators in kenya and tanzania.
Mpesa rates increased recently as a result of increased taxes. Mpesa trasfer charges and rates buying guides, specs. The above table is for mpesa withdrawal charges in 2020. However, mpesa charges and rates went up a little in july 2018. Currently, it costs more amount to send money to an unregistered number in 2019. Mpesa has been especially successful in reaching lowincome kenyans. Mpesa withdrawal charges and rates latest as indicated in the mpesa charges table below, you can not withdraw less than ksh 50 from an mpesa agent but you can transfer any amount greater than ksh 10 to another mpesa user. Aug 12, 2015 mpesa has been especially successful in reaching lowincome kenyans. Mpesa registration is free and there are no charges when you generate your safaricom mpesa statement. We would like to show you a description here but the site wont allow us. You need to be an mpesa registered customer as the service is available for mpesa registered users. Mpesa rates, charges for mpesa users in kenya, having answers to burning questions centring on the mobile money transfer service is as important as utilizing the service itself. The mpesa rates table below highlights the amounts you will be imposed for each transaction.
We are also adding some features soon to the application depending on users request. Mpesa charges, tariffs, lipa na mpesa, mpesa paybill, online jobs, business ideas and how to make money in kenya. You can now directly deposit money from your mpesa to bank account with the help of paybill numbers. May 31, 2015 mpesa charges new mpesa rates mpesa new rates mpesa withdrawal charges mpesa transaction charges safaricom mpesa charges mpesa tariffs m pesa charges m pesa kenya safaricom mpesa rates safaricom. Branchless banking providers featured banco do brasiltelecom service brazil. This is the most comprehensive guide on updated mpesa rates in kenya. To withdraw money, you can visit any mpesa agent with your identification card id. Mpesa is listed in the worlds largest and most authoritative dictionary database of abbreviations and acronyms. Mpesa withdrawal charges and rates 2020 victor matara. Mpesa charges effective august 2014 below is a comparison of the new and old mpesa charges.
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