Safaricom Waives Fees for M-PESA Transactions Below KSH1,000

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Monday, March 16,  2020 /6:29 PM  / By Safaricom With Additional Press Release by the Central Bank of Kenya / Header Image Credit: The East African

 

Safaricom Plc would like to thank the Central Bank of Kenya Governor Dr. Patrick Njoroge for hosting a meeting with Safaricom and other industry players to discuss the evolving situation around the COVID-19 (Coronavirus) pandemic.

 

The meeting follows the directive by H.E. President Uhuru Kenyatta to explore ways of deepening mobile money usage to reduce the risk of spreading the virus through the physical handling of cash. The President also directed that we consider reducing the cost of using mobile money during this period. In the meeting, it was agreed that all person-to-person transactions below Ksh1,000 shall be free. This means that from tomorrow morning, M-PESA users will be able to send any amount below Ksh1,000 for free over the next 90 (ninety) days.

 

To support this, and in particular small and micro business enterprises (SMEs), CBK has also approved the increase of daily M-PESA transaction limits from the current Ksh70,000 to Ksh150,000. Kenyans will also be able to transact up to Ksh300,000 up from the current limit of Ksh140,000, and hold up to Ksh300,000 in their M-PESA wallets.

 

Safaricom is also working with the Government by providing a Call Center and integrating a toll-free line 719 which has been set up by the National Emergency Response Committee on Coronavirus to support Kenyans in understanding how to prevent and manage suspected cases. We have also interconnected other networks to ensure that their subscribers can access the Call Centre. All calls to 719 are free.

 

We remain committed to working with all stakeholders to help our nation through this crisis.

 

Central Bank of Kenya Press Release on Emergency Measures To Facilitate Mobile Money Transactions

 

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.

1.       There will be no charge for mobile money transactions up to Ksh.1,000.

 

2.      The transaction limit for mobile money is increased to Ksh.150,000.

 

3.      The daily limit for mobile money transactions is increased to Ksh.300,000.

 

4.      The mobile money wallet limit is increased to Ksh.300,000.

 

5.      The monthly total limit for mobile money transactions is eliminated.

 

6.     The current tariff for mobile money transactions for Ksh.70,000 will apply for transactions up to Ksh.150,000.

 

7.      PSPs and commercial banks will eliminate charges for transfers between mobile wallets and bank accounts.

 

The current frameworks on anti-money laundering and countering financing of terrorism (AML/CFT) will continue to apply and CBK will closely monitor the implementation of these emergency measures.

 

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