Safaricom scraps person-to-person transaction fees for any amount below Sh1,000

Safaricom PLC on Monday scraped off transaction fees for individuals sending any amount below Sh1,000.

CEO Michael Joseph announced that the decision followed an in-depth discussion with the Central Bank of Kenya Governor Patrick Njoroge.

He elaborated that the move is in line with President Uhuru Kenyatta's urge for Kenyans to embrace mobile money transfer to avoid contracting the deadly Covid-19 virus.

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"In the meeting it was agreed that all person-to-person transactions below Sh1,000 shall be free. This means that from tomorrow [Tuesday] morning, M-Pesa users will be able to to send any amount below Sh1,000 for free over the next 90 days," Joseph's brief read in part.

Increased M-Pesa limits

The company also increased limits for the amounts transacted in a day.

"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 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 wallets," the company announced.