Mpesa Charges 2023: Here Is The Latest Safaricom M-Pesa Charges For Sending & Withdrawals
Discover the latest Mpesa charges and fees for hassle-free mobile transactions in Kenya. Learn more here.
M-Pesa is a towering titan in Kenya's ever-growing mobile money services domain. Under the guardianship of Safaricom, M-Pesa has been the cornerstone of the company's colossal growth and market reach. The latest developments in M-Pesa charges and rates for 2023 have sparked both curiosity and concern among users. With Safaricom recently announcing adjustments to transaction limits and fees, it's crucial to delve into the intricacies of these changes to grasp the impact on users' financial interactions.
Key Takeaways from the Article
- M-Pesa has recently adjusted its transaction limits and charges for 2023, providing users with enhanced flexibility and control.
- Transaction fees vary based on the transaction amount and recipient's registration status, with costs ranging from Ksh 7 to Ksh 108.
- Withdrawals, mainly via ATMs, incur charges that users should consider when selecting their preferred method.
- The daily transaction limit has been raised to Ksh 500,000, while the maximum per-transaction limit remains Ksh 150,000.
- Unregistered users face higher charges for transactions, emphasizing the benefits of registration.
The enactment of the Finance Act 2023 and the Court of Appeal ruling on July 28, 2023, sparked these changes. To better comprehend what this means for you, let's break down the fundamental changes:
- The Excise Duty rate on mobile money transfer services fees has risen from 12% to 15%.
- In contrast, the Excise Duty rate on telecommunication services, including calls, SMS, data, and fiber, has dropped from 20% to 15%.
This dual alteration affects the pricing of Safaricom's services, necessitating a review of its pricing structure.
Understanding the Transaction Landscape
M-Pesa has become synonymous with convenience and simplicity in financial transactions. The service recently upped its account transaction limits from Ksh 300,000 to Ksh 500,000, while the ceiling per transaction remains Ksh 150,000. This means users can execute more transactions within the daily limit of Ksh 500,000, offering enhanced flexibility.
New MPESA Charges For 2023
Navigating the landscape of M-Pesa charges requires a keen eye for detail. The rates vary based on the transaction amount and the recipient's registration status. Transactions of Ksh 100 or less to registered users or Pochi la Biashara, come free. Beyond this threshold, transaction fees come into play, ranging from Ksh 7 to Ksh 108. On the other hand, the cost of withdrawals is relatively higher, maxing out at Ksh 308 for unregistered customers withdrawing between Ksh 50,001 and Ksh 150,000. Registered users face a withdrawal charge of Ksh 309 for the same amount.
M-Pesa Transfer and Withdrawal Charges 2023
For a comprehensive understanding, let's delve into the detailed breakdown of M-Pesa charges:
|TRANSACTION RANGE (KSHS)||TRANSACTION TYPE AND CUSTOMER CHARGES (KSHS)|
|MIN||MAX||TRANSFER TO M-PESA USERS,POCHI LA BIASHARA AND BUSINESS TILL TO CUSTOMER||TRANSFER TO OTHER REGISTERED MOBILE MONEY USERS||TRANSFER TO UNREGISTERED USERS||WITHDRAWAL FROM M-PESA AGENTS|
|50 001||150 000||108||108||318||309|
Insights into ATM Withdrawal Charges
For those opting for ATM withdrawals, understanding the cost implications is essential:
ATM Withdrawal Tariff
|Buying Airtime through M-PESA||FREE|
|M-PESA Balance Enquiry||FREE|
|Change M-PESA PIN||FREE|
Exploring the Limits
The new caps bring M-Pesa's daily transaction limit to Ksh 500,000, with individual transactions still topping at Ksh 150,000. This means users needing to transact above Ksh 150,000 can do so via multiple transactions as long as they stay within the Ksh 500,000 daily limit.
Safaricom's M-Pesa is a cornerstone in the ever-evolving landscape of mobile money services. The 2023 changes to charges and rates reflect Safaricom's commitment to enhancing user experience while maintaining financial sustainability. Navigating the intricate web of charges demands a clear understanding of transaction thresholds, recipient registration, and alternate withdrawal methods. As users engage with the M-Pesa ecosystem, being well-informed about these changes will empower them to make financial decisions that align with their needs and preferences.
FAQs about the Topic
What are the new M-Pesa transaction limits for 2023?
M-Pesa has increased its account transaction limit to Ksh 500,000, while the per-transaction limit remains Ksh 150,000.
Are there charges for sending money to registered users?
Yes, charges vary based on the transaction amount, ranging from Ksh 7 to Ksh 108.
What is the cost of withdrawing money via ATMs?
ATM withdrawal charges range from Ksh 35 to Ksh 115, depending on the withdrawal amount.
Can unregistered users send money through M-Pesa?
Yes, unregistered users can send money; however, they face higher charges than registered users.
Is it possible to reverse an M-Pesa transaction?
Users can initiate a transaction reversal within 24 hours by sending a message to 456 or contacting Safaricom customer care.
What is the maximum daily transaction value for M-Pesa?
The maximum daily transaction value is Ksh 500,000, with individual transactions capped at Ksh 150,000.
The information provided in this article is based on the latest available data and is subject to change. Users are advised to verify details and charges directly with Safaricom or official sources before making financial decisions. The article aims to provide general insights and should not be considered financial advice.
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