Safaricom increases M-pesa rates as Finance Act 2023 takes effect
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Safaricom to review M-Pesa, telecommunications charges (call, SMS, Data, Fibre) in line with Finance Act
Safaricom to review M-Pesa, telecommunications charges (call, SMS, Data, Fibre) in line with Finance Act.
Safaricom has announced a review of call, SMS, Data, Fibre, and M-Pesa pricing following the enactment of the Finance Act 2023.
Effective July 29, the telecommunications firm will increase the excise duty rate on fees charged on mobile money transfer services from 12% to 15%.
Excise duty on calls, SMS, data, and fibre will decrease from 20% to 15%.
“We will be reviewing our calls, SMS, data, fiber, and M-PESA pricing to reflect the increase in Excise duty rates on fees charged on mobile money transfer services from 12 percent to 15 percent and the decrease in Excise duty rate on telecommunications services from 20 percent to 15 percent,” Safaricom said in a paid-up advertisement published on local newspapers.
The Finance Act came into effect Friday when the Court of Appeal lifted a conservatory order by the High Court blocking the Act’s implementation following an application filed by activist Okiya Omtatah.
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A bench of three judges of the appellate court lifted the suspension placed on June 30, pending the determination of an appeal filed by Prof Ndung’u.
Justices Mohammed Warsame, Kathurima M’Inoti ruled that the Finance Act has a life span of 90 days beyond which the next budgetary cycle is set in motion.
“We have no doubt in our mind that the Finance Act and the Appropriation Act are interdependent. While the former provides for the generation of the funds, the latter provides for the expenditure. There can be no expenditure where the mode of generation of the funds has not been provided for,” the judges said
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