TL;DR
- Safaricom has updated M-Pesa charges for 2025, standardizing transfer fees across networks and discontinuing transfers to unregistered users due to fraud risks.
- Sending fees range from free for transactions below KES 100 to a maximum of KES 108 for amounts over KES 20,000, with a daily transaction limit of KES 500,000.
- Withdrawal fees are higher than sending fees, starting at KES 11 and reaching KES 309 for amounts up to KES 250,000; withdrawals under KES 50 are not allowed.
- In 2024, M-Pesa served 34 million users in Kenya, handling significant transaction volumes, but saw its market share drop slightly due to competition from other mobile money services.
This guide breaks down the current M-Pesa charges to help individuals and businesses make informed decisions when using the service for their financial needs.
Sending Money Charges
M-Pesa has standardized transfer fees across all networks. Sending money to Airtel Money and Telkom’s T-Kash now costs the same as transfers within Safaricom.
Also Read: Safaricom launches Spark Accelerator Program to support emerging startups in Kenya
Notably, transfers to unregistered users have been discontinued due to fraud and money laundering concerns.
For example, sending KES 1,000 costs KES 13, regardless of the recipient’s network.
Detailed Sending Charges:
The maximum amount per transaction is KES 250,000, with a daily limit of KES 500,000.
M-Pesa Withdrawal Charges
Withdrawal fees are higher than sending fees. For instance, withdrawing KES 1,000 costs KES 29.
Detailed Withdrawal Charges:
The maximum withdrawal per transaction is Ksh250,000. Withdrawals below Ksh50 are not permitted.
M-Pesa’s Performance in 2024
In 2024, M-Pesa continued its growth in Kenya. By November, the platform reached 34 million subscribers, reflecting its role in enhancing financial access nationwide.
Despite this growth, M-Pesa’s market share declined from 97.1% in June 2023 to 93.4% in June 2024, as competitors like Airtel Money increased their presence.
Also Read: M-Pesa partners with Onafriq for international money transfers to Ethiopia
The overall number of mobile money subscriptions in Kenya rose to 39.8 million by June 2024, indicating a 77.3% penetration rate.
M-Pesa’s extensive network of over 300,000 agents and support for more than 1.5 million enterprises underscores its significant role in Kenya’s economic landscape.
These developments highlight M-Pesa’s ongoing influence in Kenya’s financial sector, even as it faces increasing competition.
