Safaricom Withdraws Increased Charges for Equitel Customers
Friday, September 11, 2015
Safaricom has suspended the increased rates introduced for Equity Bank’s Equitel customers on 1st August 2015 and confirmed the revised rates will now take effect at the same time for all banks on December 1st 2015.
“We are cognizant of the fact that we had implemented the new tariff for banks utilizing the ‘Additional Feature’ (meaning the transfer of money from a bank account to third-party M-Pesa customer) and shall revert back to the previous tariff’s effective 25th August 2015. The tariffs in force prior to 1st August 2015 shall continue to apply until 30 November 2015,” wrote Rita Okuthe, Safaricom’s Director of Enterprise Unit in a letter dated 25th August 2015.
“Safaricom introduced the bank to M-pesa functionality primarily to enable customers’ access their bank accounts from their mobile phone. However, some financial institutions later introduced a new transaction arrangement that enabled their customers to send money from their bank accounts to the M-pesa accounts of third parties (the “Additional Feature”),” wrote Okuthe.