M-Pesa Charges Surge as Safaricom Reacts to Finance Act 2023 Ruling
After the Court of Appeal lifted the suspension of the Finance Act 2023, the massive telecommunications provider Safaricom adjusted the fees for M-Pesa.
The company announced on Saturday, July 29 that it has increased the M-Pesa business till tariff from 0.5% to 0.55 % to correspond with the increase in the excise duty rate.
“Dear Merchant, following the Excise Duty increase to 15% under the Finance Act 2023, the M-Pesa Business Till tariff will change from 0.5% to 0.55% effective 29th July 2023,” Safaricom stated in a notice obtained by GossipA2Z.
The telecommunications provider also stated that it had reduced its data, fiber, voice, and Short Message Service (SMS) fees. This followed the reduction of the excise tax from 20% to 15%.
KCB charge-back fees
On Wednesday, July 26, Kenya Commercial Bank (KCB) announced that typical M-Pesa pay bill fees would apply to its number 522533.
ALSO READ: Mutua Reveals Impact: Ruto’s Criticism Shakes IMF & World Bank
“Dear Customer, as of 26/07/23, the standard M-PESA pay bill fees will apply to payments made from M-PESA to KCB pay bill 522533. Payments made via the KCB APP and *522# will continue to be free, according to a notice obtained by GossipA2Z.
Customers who spend between KSh 101 and KSh 500 will be charged KSh 4, while those who spend between KSh 501 and KSh 1,000 will be charged KSh 9. Paybill is a cash collection service that enables businesses to receive payments from consumers via M-Pesa.
A court of appeal removes the suspension of the Finance Act of 2023
The injunction on the Finance Act 2023 that President William Ruto signed on June 26 was lifted by the Court of Appeal on Friday, July 28.
Three judges, led by Justice Mohammed Warsame, ruled that the Exchequer’s appeal challenging the injunction has merit; consequently, the conservatory orders prohibiting the implementation of the finance law have been lifted.
The ruling will take effect before the primary case is finally heard and decided, allowing the implementation of the contentious law.
M-Pesa Charges Surge as Safaricom Reacts to Finance Act 2023 Ruling
