Safaricom’s M-PESA Kadogo tariff announced in October 2016 will be expanded for Lipa Na M-PESA Buy Goods to enable merchants to receive all transactions of Sh200 and below at no cost.
Lipa na M-PESA merchants will charged a flat fee of Sh200, for any payments above Sh40,000.
Bob Collymore, CEO, Safaricom said, “We trust that this development will boost the attractiveness of the Lipa Na M-PESA platform to more small and medium enterprises while making the service more affordable compared to other alternatives in the market.”
The firm has also said merchants will enjoy the convenience of instant processing of payments made through Lipa Na M-PESA to their bank accounts, with the service now available at 23 participating banks cutting down 28 hours to seconds the time that it takes to move money from a Lipa Na M-PESA till to a bank account.
The reduction of the Lipa Na M-PESA tariffs targets small and micro businesses, such as kiosks, bodabodas, matatus, newspaper vendors, hawkers, hotels, restaurants and small eateries amongst others who make %80 of the economy according to the Economic Survey.
The changes in Lipa Na M-PESA will be effective in the first week of April 2017. However, Lipa Na M-PESA PayBill and Gaming merchant tariffs, and Lipa Na M-PESA petrol station tariffs will not be affected by these changes.
Here are Banks and Financial Institutions Offering Instant Lipa Na M-PESA to Account Transfers.
|#||Real Time Settlement Provider||Real Time Settlement Support|
|1||Equity Bank||USSD + Web|
|2||Kenya Commercial Bank||USSD + Web|
|3||Co-operative Bank||USSD + Web|
|4||Diamond Trust Bank||USSD + Web|
|5||NIC Bank||USSD + Web|
|6||Standard Chartered Bank||USSD + Web|
|7||Family Bank||USSD + Web|
|8||Stanbic Bank||USSD + Web|
|9||Consolidated Bank||USSD only|
|10||National Bank of Kenya||USSD + Web|
|11||Gulf African Bank||USSD + Web|
|12||Eco Bank||USSD + Web|
|13||First Community Bank||USSD only|
|14||Commercial Bank of Africa||USSD + Web|
|15||Bank of Africa||USSD + Web|
|16||Chase Bank||USSD + Web|
|17||Credit Bank||USSD + Web|
|18||UBA Bank||USSD only|
|19||Jamii Bora Bank||USSD only|
|20||Spire Bank||USSD + Web|
|21||Paramount Universal Bank||USSD + Web|
|22||Prime Bank||USSD + Web|
|23||Sidian Bank||USSD + Web|
|24||Safaricom SACCO||USSD only|