CBF waiver pushes M-Pesa deals

NAIROBI — The value of transactions between M-Pesa and banks has hit Sh5.58 trillion, thanks to fees waiver, even as Safaricom and lenders rue lost revenue. Safaricom disclosures show that total M-Pesa transactions in the year ended March 2022 grew 34 per cent to Sh29.55 trillion, with the value of transactions between M-Pesa and banks standing at 18.9 per cent or Sh5.58 trillion. This means that Sh15.2 billion moves daily between banks and telcos, helped by the Central Bank of Kenya’s (CBK) move to waive fees for such transactions in mid-March 2020.“M-Pesa wallet to bank and bank to M-Pesa wallet transactions continue to be free, and these account for 18.9 per cent of the total value of M-Pesa transactions and 3.2 per cent of total volumes,” said Safaricom. — The Standard