Monday, September 21, 2020

Kenyans unveil New Trick to use M-Pesa For Free

    September 21, 2020   No comments

Safaricom PLC CEO Peter Ndegwa
Safaricom PLC CEO Peter Ndegwa 
Kenyans have unveiled a new way to send money to friends and family via Mpesa at zero cost,putting Safaricom at risk of loosing more money.

Safaricom have already complained and projected loosing up to ksh 19 billion by the end of this year after the Central Bank announced extension of waving transaction charges for sending any amount below ksh1000 via Mpesa.

Initially, Kenyans who wanted to evade paying transaction fees had to divide and send the money in portions of ksh 1000. For example a person who wanted to send ksh 3,000 would send ksh 1000 three times to the same person.

For this reason, Safaricom tried talks with the Central Bank to atleast cap to ksh 5000 the amount one can send to the same number ,but fell on deaf ears.

As if that was not enough, Kenyans have now unveiled a new trick that will enable them send huge amounts of more up to ksh 100,000 to friends and family at no cost!

The Central Bank waived any fees on bank to mobile and mobile to bank money transfer to cushion Kenyans against the negative impact caused by COVID-19 pandemic.

This is where people found the loophole. People are now sending money from their Mpesa accounts to their bank accounts and then do a transfer to their friends and relatives at zero cost.
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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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