Home » Pay News » M-Pesa Slashes Fees as Possible Rival Emerges (Aug. 20, 2014)
Print view|Purchase Reprint

M-Pesa Slashes Fees as Possible Rival Emerges (Aug. 20, 2014)

Users of Kenya’s popular M-Pesa P2P payments platform can send funds at lower costs now that telecom provider Safaricom has slashed transaction fees for most transfers by more than two-thirds. Starting Aug 21, fees for M-Pesa transfers between 10 shillings (US$0.11) and 1,500 shillings (US$17.00) will drop by 67 percent, Safaricom announced. More than 65 percent of all transactions made over M-Pesa in Kenya fall within that range, the company said.

The fee cut comes as M-Pesa’s long-running dominance in the Kenyan money transfer market faces a potential challenge from Equity Bank, which earlier this year received a telecom license and is establishing its own mobile transfer platform. Safaricom has lodged a complaint with Kenyan regulators alleging the SIM cards Equity plans to distribute to users could increase fraud risk.

See related stories

This entry was posted on Wednesday, August 20th, 2014 at 2:08 pm and is filed under Pay News, Pay World.


Your email address will not be published. Required fields are marked *