Thursday, July 25, 2024

Safaricom reviews M-Pesa charges in line with Finance Act 2023

Telecom giants Safaricom has adjusted its M-Pesa, calls, SMS, fibre and data charges following the enactment of the Finance Act 2023.

“Following the enactment into law of the Finance Act 2023 and the Court of Appeal ruling on 28th July 2023, effective  29th July 2023, we will be reviewing our call, SMS, Data, Fibre and MPESA pricing,” said Safaricom

The changes which took effect on July 29th, 2023, Safaricom has increased mobile money transfer charges from 12% to 15% as the exercise duty charged on calls, data, SMS and fibre has to 15% from 20%.

The news comes barely hours after the Court of Appeal lifted the suspension of the Finance Act 2023 following a successful appeal filed by Treasury CS Njuguna Ndungu.

According to the Treasury CS, suspension of the bill was affecting government operations and would cause budgetary crisis if left suspended.

In its ruling, the court noted that keeping the stay orders will cause irreversible economic consequences but the appeal will be heard and determined in the next 60 days.

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