Safaricom has
cut fees associated with selling goods through its Lipa na M-Pesa
service by half as it seeks to increase the number of merchants using
the payment platform.
While customers do not incur a
fee when they buy goods via Lipa na M-Pesa, merchants currently pay one
per cent of the value of all transactions above Sh100.
The fee will from next week be cut in half to 0.5 per cent of a transaction’s value.
These fees will be capped at Sh200 for all payments above Sh40,000.
Safaricom yesterday also announced that it will eliminate merchant fees for all transactions below Sh200.
“We
trust that this development will boost the attractiveness of the Lipa
na M-Pesa platform to more small and medium enterprises while making the
service more affordable compared to other alternatives in the market,”
said Safaricom chief executive Bob Collymore. The telco has also struck
a deal with 23 banks which will cut down on the time it takes for Lipa
na M-Pesa payments to reflect on merchant bank accounts.
This
process previously took days but Safaricom now says it has been cut
down to seconds. Pay Bill services and payments made to gaming companies
and at petrol stations will not be affected by the new tariff
structure.
Safaricom is extending its M-Pesa Kadogo tariff band
under which the company last year eliminated fees for all transactions
below Sh100.
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