Mpesa trasfer charges and rates buying guides, specs. Mpesa rates and charges mpesa tariffs and mpesa paybill numbers. Kcb mpesa terms and conditions terms and conditions for the kcb mpesa account 1. Hold any one of the following kenyan national id, kenyan passport, alien id, diplomatic idregistered on iprs, military id. Commissions are paid out when mpesa customers make deposits or withdraw money from agents. According to gsma 2016, in 2016, out of the half a billion people with mobile money accounts, 277 million people were in ssa. May 03, 2020 safaricom implemented the new mpesa rates after the kenyan government proposed a 2% increase in the excise duty charged on service providers. Why was mpesa so successful in kenya, when comparable.
Second, the effect of mpesa can be assessed from 2009, as the proportion of financial inclusion rose from 26. Mpesa transactions rise to sh15bn daily after systems upgrade. Here are the top three questions that mpesa users need answers to. This service is free and you will only pay for the airtime purchased. Jan 23, 2020 the new 2020 mpesa commission structure is aimed at ensuring agents getter better rewards on highvalue transactions and as an incentive to hold adequate float. The mpesa tariffs include withdrawal fees, and are differentiated. Mpesa and the rise of the global mobile money market. 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%.
Therefore, you will have to send the 140,000k in two batches. Popular guide how to start a profitable mpesa agent business complete guide 2019. Sending ksh1,000 will cost ksh15 while a rate of ksh28 will be charged for withdrawing the same amount. Agents who are located at strategic locations tend to make higher transactions and thus they earn more commissions. 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. Socioeconomic effects of mpesa adoption on the livelihoods of people in bureti sub county, kenya article pdf available december 2015 with 1,190 reads how we measure reads. Feb 20, 2012 here are the 5 reasons why mpesa was so successful. A mobile banking service that allows users to store and transfer money through their mobile phones. Empirical evidence as to the impact of higher interest rates is. Competition in mobile financial services lessons from kenya and.
It will now cost ksh26 to send ksh1,500 and sh56 for ksh 3,500. Mpesa charges will depend on the amount you are sending or withdrawing. These are the new mpesa rates after the government increased tax on mobile money transfers by 2% on july 1 st 2018. May 12, 2016 may 12, 2016 november 14, 2018 howke team 97 comments full mpesa statement, monthly mpesa statement, mpesa statement, mpesa statement via email, safaricom mpesa if you are a frequent mpesa user, you must have had a need for your mpesa statement. These new mpesa rates were released in august 2014. This is after safaricoms announcement that was made on saturday 30 june. Mpesa rates and charges mpesa tariffs and mpesa paybill.
In this article, we will answer all the above questions for the new mpesa rates, effective 1st june 2018. Those preferring the informal financial services have declined from 35. An unregistered customer is one who can receive money from a registered mpesa customer. Transaction charges depend on the amount of money being transferred and. So here are the latest rates and charges for mpesa transfer.
It has since expanded to afghanistan, south africa, india and in 2014 to romania and in 2015 to albania. Mpesa withdrawal charges for 2020 below is a comprehensive table showing new mpesa rates for withdrawing money from an agent in 2020. Understanding the diffusion and adoption of digital finance. As for kcbmpesa the 30 day active customers stood at 730,000 with deposits of kshs. Rnp to mpesa service request application form 21102016 created date. How to do mpesa reversal by sending message to 456 new method. Safaricom announces results for the financial year 2016. By 2016, access to such services had widened to reach 42.
Pdf mpesa is a mobile phone based money transfer system in kenya which. Mpesa was originally introduced in kenya as an alternative way for the unbanked. Using mpesa, deposit, withdrawing, sending, checking. Jul 01, 2018 safaricom has today adjusted their mpesa charges. 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.
We would like to show you a description here but the site wont allow us. The mpesa mobile payment system was launched in kenya in 2007. What makes it even more preferable is that the minimum amount of money a customer can send or receive was reduce to kshs. Mbiti and weil 2016, for example, find that mpesa users send more transfers and.
Here are the new mpesa charges for the different scenarios. Mobile financial services such as mpesa in kenya are said. You cannot deposit money directly into another mpesa customers account at an agent outlet. May 08, 2016 mpesa transactions rise to sh15bn daily after systems upgrade. 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. As a result, deposit commissions have increased by 12% 170% across the bands as seen in the table below. Mpesa mpesa is a money transfer service wherein users can use their mobile phones to store and transfer money. The fees include mpesa withdrawal rates for atm and agent withdrawals. Safaricom mpesa rates,charges and tariffs venas news.
Currently, it costs more amount to send money to an unregistered number in 2019. Mpesa is a mobile phonebased money transfer service, payments and microfinancing. Today, kenyans are able to access their bank accounts, save money, buy insurance, and take. Safaricom, the largest mobile phone operator in kenya as of 2016, launched mpesa in 2007. Mpesa is a mobile phone based money transfer system in kenya which grew at a blistering pace following its inception in 2007. 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. Second, the effect of mpesa can be assessed from 2009, as the proportion of financial inclusion. Mpesa charges depend on the amount you are sending or withdrawing. Mpesa rates, mpesa tariffs, mpesa withdrawal charges, m. Check the mpesa rates for withdrawal or mpesa transfer rates and know the amount you will be charged on the mpesa charges chart. Aug 12, 2015 mpesa has been especially successful in reaching lowincome kenyans. Now, these tariffs charges by the telecommunication company, largely depends on the amount in question. Kenya has a thriving mobile commerce transacted using mobile money and is leading in africa with about 70% of the population using this service gsma, 2015. You should also note that you can only send a maximum of 70,000 per transaction.
The following are the mpesa trasfer charges and rates 2020. Thus, mpesa evolved from using a common trust account for all users to providing a. New mpesa charges 2019 updated mpesa rates fleekbook. At the end of the guide, i will provide you with the latest mpesa charges pdf 2019 so you can refer to it while offline. Since 2007, kenyas mpesa has revolutionized the way people spend, save, and send money. Safaricoms mobile money transfer mpesa charges its customers a smaller transaction fee compared to other financial institutions. By june 2016, a total of 7 million mpesa accounts have been opened in.
Pdf mpesa rates and charges isaac mugwandia academia. Rnp to mpesa service request application form 21102016. Safaricom revised lipa na mpesa tariffs lower in response to equitels market share gain in q2 201617. Find the current safaricom mpesa charges for sending and withdrawing money via safaricom agent, atm, and mpesa tariffs when transferring money both to registered and unregistered mpesa users. The following are the mpesa charges for sending money that was updated in 2018 by safaricom llc. Mpesa tariffs financial technology banking free 30day trial. These mpesa rates in kenya were effective in 1 st june 2018 and were announced by safaricom in this article, i will be able to answer the following questions that most mpesa users are asking or looking for. A woman withdraws money from an mpesa shop in nyeri town on october 7, 2014.
Below is a comprehensive table showing new mpesa rates for withdrawing money from an agent in 2020. Safaricom had lowered the minimum size of an mpesa transaction and had lowered the tariffs on the smallest transaction tiers. The second table shows the rates for sending money to other mpesa users both registered and unregistered users. Safaricom implemented the new mpesa rates after the kenyan government proposed a 2% increase in the excise duty charged on service providers. We examine how mpesa is used as well as its economic impacts. Practitioners insight mpesa a success story of digital.
Under the previous rates, the most it cost one to send money was 20% of the transaction value, at kes 10 for sending kes 50, and the lowest was 0. In fact, if we look back at the history of mobile payments were actually playing catch up. Today, as it faces new challenges, it has 30 million users in 10 countries and three continents. In 2009, we conducted a followup survey which managed to reach 2,016 of the original 3,000. You can also use your mpesa to buy airtime for your phone, or for someone else. Mpesa agents earn money through making deposits and facilitating withdrawals. The above table is for mpesa withdrawal charges in 2020. Mpesa a success story of digital financial inclusion. You are also limited to 2 transactions of the same amount everyday. Nov 12, 2015 safaricom has different tariffs depending on the amount you wish to withdraw or deposit. Mpesa withdrawal charges and rates 2020 victor matara. Mpesa continues to dominate kenyan market mobile world live. Kenyans will now have to pay more while sending and receiving money via safaricoms mpesa starting sunday july 1 2018. Im sure that mpesa users throughout the country will roundly welcome this news.
Jan 01, 2020 the amount you pay will largely depend on the amount you are transacting. With new rates, it will cost 30% to send the lowest figure, and 0. You can now receive monthly mpesa statements easily and conveniently. This increase forced safaricom to adjust upwards the amount they charge you to transact mpesa. Mpesa tariffs mpesa charges will depend on the amount you are sending or withdrawing. Sending money via mpesa has just become more expensive. Feb 21, 2017 the mpesa mobile payment system was launched in kenya in 2007. You can use your mpesa menu to buy airtime for your phone, or for someone else. How to get a full mpesa statement kenyas howto website.
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