Safaricom PLC on Monday announced a waiver on transaction fees for M-Pesa transactions below Sh1000.
The waiver comes after President Uhuru Kenyatta directed that telecos should consider reducing the cost of using mobile money following the COVID -19 outbreak.
Safaricom PLC CEO Michael Joseph said the decision was arrived at after an in-depth discussion with the Central Bank of Kenya Governor Patrick Njoroge.
“In the meeting, we 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 days,” Joseph said.
Central Bank of Kenya also approved the increase of daily M-PESA transaction limits from the current Sh70, 000 to Sh150, 000.
Subscribers 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 accounts.