Businesses & Financial News

Safaricom waives fees on M-pesa transactions below Sh1000

- Advertisement -

9

Mobile operator, Safaricom Monday waived fees for M-pesa transactions below Sh1000 in an announcement aimed at fighting the spread of coronavirus in the country.

The move follows President Uhuru’s directive on ways of deepening mobile money usage to reduce the risk of spreading the virus through the physical handling of cash.

“In the meeting, it was agreed that all person-to-person transactions below Sh1, 000 shall be free. This means that from Tuesday morning, M-PESA users will be able to send any amount below Sh1,000 for free over the next 90 (ninety) days,” said Michael Joseph, Chief Executive Officer Safaricom.

The move by the operator is also meant to small and micro business enterprises (SMEs), Central Bank of Kenya has also approved the increase of daily M-PESA transaction limits from the current Sh70, 000 to Sh150, 000. Kenyans will also be able to transact up to Sh300, 000 up from the current limit of Sh140, 000, and hold up to Sh300, 000 in their M-PESA wallets.

“Following a meeting this morning with Payment Service Providers (PSPs), the Central Bank of Kenya (CBK) announces a set of measures that will facilitate increased use of mobile money transactions instead of cash.

While the immediate objective is to reduce the risk of transmission of COVID-19 (Coronavirus) by handling banknotes, this will also reduce the use of cash in the economy over the medium term.

The following emergency measures will apply from midnight March 16, 2020 and will remain in place until June 30, 2020,” said the Central Bank of Kenya (CBK).

837 total views, 1 views today

Comments
Loading...

Subscribe to our Newsletter

Signup for more information




Social Media Auto Publish Powered By : XYZScripts.com