Looking for updated M-Pesa charges for transferring money to other mobile money users or withdrawing cash from agents and ATMs? Our article showcases the latest M-pesa charges as of 2024.
Overview of M-Pesa
M-Pesa, one of the world’s top mobile money services, has substantially enhanced the way financial transactions are executed not only in Kenya but also in other parts of the world. The service makes financial transactions more efficient, secure, and convenient.
Since its launch in 2007, M-Pesa has transitioned from a service that allowed customers to instantly send or receive money to a network that provides customers with a host of services and products. Today, M-Pesa customers can make payments, receive or make international money transfers via PayPal, pay bills, save money, and access credit. Currently, more than 50 million customers use per month.Overview of M-Pesa.
Benefits of using M-Pesa
M-Pesa is the widely preferred payment method in Kenya and in other parts of Africa, primarily due to its convenience and safety. It serves millions of people, including those who have no access to bank services. With M-Pesa, you can securely receive money, receive salaries, top-up airtime, and get short-term credit.
Why Understanding M-Pesa charges is important
M-Pesa transactions, if you’re not calculative, can chip away at your hard-earned cash.
Here’s an example:
A withdrawal of Kshs. 10,050 today will cost you Kshs 167 whereas withdrawing Kshs 10,000 cost you Kshs 115.
You can easily save Kshs 52 by withdrawing Kshs 10,000 alone.
Thus, understanding the latest M-Pesa charges can help save money
Breakdown of Mpesa Charges
The charges that customers incur vary depending on the transaction type, and the amount of transaction. Here is a breakdown of various transactions alongside the corresponding charges.
For updated charges, always visit the official Safaricom website.
M-Pesa Agent Withdrawal Charges
The table below showcases the charges you’ll incur when withdrawing cash from M-Pesa agents. The amount you can withdraw from M-Pesa agents ranges between Kshs. 50 and Kshs 250,000.
Transfer to Registered Mobile Money Users (M-PESA, Airtel, & T-Kash)
| Amount Withdrawn | Charges |
|---|---|
| 1 – 49 | N/A |
| 50 – 100 | 11 |
| 101 – 500 | 29 |
| 501 – 1,000 | 29 |
| 1,001 – 1,500 | 29 |
| 1,501 – 2,500 | 29 |
| 2,501 – 3,500 | 52 |
| 3,501 – 5,000 | 69 |
| 5,001 – 7,500 | 87 |
| 7,501 – 10,000 | 115 |
| 10,001 – 15,000 | 167 |
| 15,001 – 20,000 | 185 |
| 20,001 – 35,000 | 197 |
| 35,001 – 50,000 | 278 |
| 50,001 – 250,000 | 309 |
In the following table, you’ll find the latest cost of sending cash from M-Pesa to;
- Registered M-Pesa users
- Airtel money
- Telkom mobile money service (T-Kash)
| Amount transfered | Charges |
|---|---|
| 1 – 49 | Free |
| 50 – 100 | Free |
| 101 – 500 | 7 |
| 501 – 1,000 | 13 |
| 1,001 – 1,500 | 23 |
| 1,501 – 2,500 | 33 |
| 2,501 – 3,500 | 53 |
| 3,501 – 5,000 | 57 |
| 5,001 – 7,500 | 78 |
| 7,501 – 10,000 | 90 |
| 10,001 – 15,000 | 100 |
| 15,001 – 20,000 | 105 |
| 20,001 – 35,000 | 108 |
| 35,001 – 50,000 | 108 |
| 50,001 – 250,000 | 108 |
Below is a table showcasing the rates applicable when;
- Transferring money from M-Pesa to a Pochi la Biashara account
- Sending cash from Business Till to customer
| Amount | Charges |
|---|---|
| 1 – 49 | Free |
| 50 – 100 | Free |
| 101 – 500 | 7 |
| 501 – 1,000 | 13 |
| 1,001 – 1,500 | 23 |
| 1,501 – 2,500 | 33 |
| 2,501 – 3,500 | 53 |
| 3,501 – 5,000 | 57 |
| 5,001 – 7,500 | 78 |
| 7,501 – 10,000 | 90 |
| 10,001 – 15,000 | 100 |
| 15,001 – 20,000 | 105 |
| 20,001 – 35,000 | 108 |
| 35,001 – 50,000 | 108 |
| 50,001 – 250,000 | 108 |
ATM Withdrawal Charges
If you’re a M-Pesa registered user, you can withdraw money from your phone at Automated Teller Machines (ATMs). The following tables show the withdrawal amount and the corresponding charges.
| Amount | Charges |
|---|---|
| 200 – 2,500 | 35 |
| 2,501 – 5,000 | 69 |
| 5,001 – 10,000 | 115 |
| 10,001 – 35,000 | 203 |
Free M-PESA Transactions
While transaction fees are unavoidable when using the service, certain transactions are available for free. Here’s a list of free transactions.
- M-Pesa Registration
- All Deposits
- Change M-Pesa PIN
- Buying Airtime via M-Pesa
- M-Pesa Balance Enquiry
Tips for Avoid Overcharges
- Have a plan: If you want to cut down M-Pesa charges, make sure you plan your transactions. Consider executing multiple smaller transactions rather than one large transaction with higher fees.
- Withdraw Huge Sums: When withdrawing money from ATM or M-Pesa agents, it is important to withdraw in bulk. Avoid constant withdrawal of small amounts.
- Use M-Pesa App: By using the M-Pesa App, you can track and manage the transaction charges more effectively. The app allows you to manage your payments and stay in control of your monthly expenses.
- Use alternative payment methods: Compare M-Pesa with alternative payment methods such as bank transfers to determine if switching could be more cost-effective.
Frequently Asked Questions (FAQs)
What is the maximum balance can my M-PESA account hold?
Your M-Pesa account can hold a balance of up to Kshs. 500,000. The maximum balance limits align with the standards set by the Central Bank of Kenya.
What is the maximum daily transaction?
The maximum transaction value per day is set at Kshs. 500,000. The limit caters to customers’ needs.
What is the maximum amount can I send in a single M-Pesa account?
The maximum amount you can send per transaction is set at Kshs 250,000. That means if you want to transfer Kshs 500,000, you’ll have to split the amount twice and send Kshs 250,000 twice.
How do I initiate M-Pesa Self-Reversal?
You can initiate a self-reversal via SMS or the mySafaricom App. To initiate reversal via SMS, get the transaction confirmation from your phone and send it to 456.
What do I need to register for M-Pesa?
To complete M-Pesa registration at any agent outlet, you’ll need a valid National ID or Kenyan Passport. Military IDs, foreigner certificates, and foreign passports are only registered at Safaricom Shops and Care Desks.
What documents do I need when making withdrawals or depositions?
The documents needed for withdrawals and deposits include National ID, Kenyan Passports, Military IDs, Foreigner Certificates, and Foreign Passports.
Final Thoughts
M-pesa offers an efficient and accessible way to complete financial transactions. The platform, since its inception, has emerged as a key driver of financial services. With mobile money becoming increasingly common, M-Pesa will continue to provide customers with affordable, secure, and efficient financial services. For the updated M-Pesa charges, make sure to check the official Safaricom Website.
