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M-Pesa Transaction Fees Reduction by Safaricom

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TechInAfrica – Safaricom is a mobile network operator located in Kenya. The headquarters of this company is at Safaricom House in Nairobi. Safaricom becomes the largest telecommunication providers in Kenya and one of the most productive companies in the East and Central Africa region. Safaricom handles around 63.5% percent of the market in Kenya as at 30 June 2019. Safaricom had a subscriber base estimated at approximately 33.1 million. 

It presents customers with some services such as mobile telephony, mobile money transfer, consumer electronics, e-commerce, cloud computing, data, music streaming, and fibre optic services. Safaricom is popular for its mobile banking SMS-based service, known as M-Pesa. 

As a company that provides mobile banking SMS-based service, Safaricom is able to cut down the M-Pesa transaction fees. Launched in 2007 by Vodafone Group plc and Safaricom, M-Pesa is a mobile phone-based money transfer service, payments and micro-financing service. 

By using this service, users can deposit money into an account stored on their cell phones, to send balances using PIN-secured SMS text messages to other users, including sellers of goods and services, and to redeem deposits for regular money.  

Telco should consider this movement in an attempt to maintain the higher business volume following the imposition of free M-Pesa for deals of up to Sh1,000, according to Business Daily, who also recommended this way. 

According to Peter Ndegwa, the CEO of Safaricom, the company is keen to cut down the transaction fee over time. The speed of the working time is something that Safaricom wants to know, however, the company has not made a decision yet regarding this recommendation. 

Source: Itnewsafrica.com

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