0
Wireless

Safaricom loses M-Pesa revenue as customers split transfers to benefit from free transactions for small sums

Wednesday 8 July 2020 | 11:05 CET | News
Kenyan operator Safaricom says its M-Pesa customers are avoiding transaction costs by splitting high-value transfers, resulting in the loss of revenue, Tuko reported. Safaricom director and former CEO Michael Joseph said customers were splitting transfers of up to KES 60,000 into transactions below KES 1,000 to obtain a service free that would otherwise cost them KES 105. Joseph said the company had unsuccessfully pressured the Central Bank of Kenya to cap the number of split transactions at five. 

Thank you for visiting Telecompaper

Sign up below to get access to the rest of this article and all the telecom news you need.

  • Register free and gain access to even more articles from Telecompaper. Register here
  • Subscribe and get unlimited access to Telecompaper’s full coverage, with a customised choice of news, commentary, research and alerts.

Subscriptions

Already registered?



Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories: Mobile & Wireless
Companies: Safaricom
Countries: Kenya
::: add a comment
This article is part of dossier

Coronavirus


Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Related

Safaricom protests over KES 19 bln revenue loss by year-end caused by M-Pesa fee waivers

Published 03 Aug 2020 10:26 CET | Kenya
Safaricom has criticised the Central Bank of Kenya (CBK) for extending the period for free M-Pesa transactions without consulting ...

Safaricom introduces M-Pesa transaction limit alerts

Published 24 Jul 2020 10:58 CET | Kenya
Kenyan operator Safaricom has introduced M-Pesa money transfer service alerts to tell users how much they can transfer,  The ...

Safaricom carries out overnight M-Pesa maintenance

Published 10 Jul 2020 10:37 CET | Kenya
Kenyan operator Safaricom carried out overnight scheduled maintenance of its M-Pesa services from 23:59 hrs on 09 July to 05:00 ...

Safaricom begins MobiPlay Challenge for mobile gamers

Published 08 Jul 2020 13:18 CET | Kenya
Kenyan operator Safaricom has begun  an online competition for customers using its Games Lounge service. The eight-week MobiPlay ...

Kenyan active mobile money subscriptions exceed 29 mln in Q3

Published 02 Jul 2020 10:07 CET | Kenya
The number of registered active mobile money subscriptions stood at 29.1 million and the number of active mobile money agents ...

Central Bank of Kenya faces protest over extension of free money transfers

Published 30 Jun 2020 10:14 CET | Kenya
Telecommunication companies and banks have protested against the Central Bank of Kenya's extension of free mobile money ...

CBK extends free mobile money transactions amid COVID-19

Published 25 Jun 2020 11:35 CET | Kenya
The Central Bank of Kenya (CBK) has extended free mobile money transactions below KES 1,000 to help promote cashless transactions ...

WorldRemit caps mobile money fee

Published 16 Apr 2020 10:25 CET | Kenya
WorldRemit has capped transaction fee for mobile money services globally including Kenya, irrespective of the amount the customer ...

Kenya P2P money transfers hit KES 684.5 bln in Q4

Published 31 Mar 2020 11:54 CET | Kenya
Kenyan Person to Person transfers over mobile money platforms hit KES 684.5 billion in the fourth quarter of last year, according ...





Calendar   /   Industry Events

25 Jan The Things Conference 2021
26 Jan F5 Networks fiscal Q1
26 Jan Microsoft fiscal Q2
26 Jan Verizon Communications Q4 2020
26 Jan Meetup MENA
27 Jan AT&T Q4 2020
27 Jan Corning Q4 2020
27 Jan Calix Q4 2020
27 Jan Facebook Q4 2020
27 Jan KPN Q4 2020
27 Jan Extreme Networks fiscal Q2
27 Jan MediaTek Q4 2020
27 Jan Uptime
28 Jan Rogers Communications Q4 2020
28 Jan Juniper Networks Q4 2020
28 Jan Comcast Q4 2020
28 Jan Crown Castle Q4 2020
28 Jan Skyworks fiscal Q1
28 Jan 8x8 fiscal Q3
28 Jan Samsung Electronics Q4 2020
29 Jan Airtel Africa Q4 2020
29 Jan Ericsson Q4 2020
29 Jan Telia Q4 2020
29 Jan Charter Communications Q4 2020
29 Jan NEC fiscal Q3
01 Feb Cirrus Logic Q3
01 Feb NXP Semiconductors Q4 2020
01 Feb Harmonic Q4 2020
01 Feb On Semiconductor Q4
02 Feb Viavi fiscal Q2
::: More Calendar Items