M-Pesa, a pioneering mobile money transfer service, keeps revolutionising the way people in Kenya conduct financial transactions. In this article, we will delve into the details of MPesa transaction charges, enabling you to make informed decisions when utilising their service.
First, let’s see the transaction types that can warrant Mpesa charges.
M-Pesa charges for sending money
When sending money through M-Pesa, transaction charges may vary based on the amount being transferred. For example, in Kenya, for amounts between Ksh1 and Ksh49, the charge could be as low as FREE. In this article, we’ll outline the Mpesa charges according to every type of transaction.
M-Pesa charges for withdrawing money
Withdrawing money from your M-Pesa account can also incur charges. The withdrawal fee varies depending on the amount being withdrawn and the method chosen. Similar to sending money, withdrawal charges may differ, and it’s essential to confirm the rates applicable to your transaction. So keep reading.
Other Mpesa charges
In addition to sending and withdrawing money, M-Pesa provides various services with associated charges. These services include paying utility bills, purchasing airtime, and conducting merchant transactions. The charges for these transactions differ depending on the specific service and the country of operation.
Below are comprehensive lists of transactions and M-Pesa-associated charges:
5 things to note using M-Pesa
- The highest account balance you can keep is Kshs.300,000
- You cannot transact above Kshs.300,000 per day
- At a go, you cannot perform a transaction higher than Kshs.150,000
- You must be ready to withdraw up to Kshs.50 if you must use an M-Pesa Agent.
- To initiate an M-PESA self-reversal, send your transaction confirmation to 456.
Final thoughts on Mpesa charges
M-Pesa has transformed the way people handle financial transactions in multiple countries. While the specific transaction charges may vary depending on the country and service, understanding the general principles of M-Pesa transaction fees empowers users to plan their financial transactions more effectively. Stay informed and take advantage of the convenience and affordability offered by M-Pesa.
