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Safaricom hits banks with new M-Pesa transfer fees

Stephen Chege, Safaricom director for corporate affairs (right) with CEO Bob Collymore. FILE PHOTO | JEFF ANGOTE

Safaricom has raised charges for the transfer of funds from customers’ bank accounts to third-party M-Pesa wallets, sealing a loophole that lenders have been using to by-pass the mobile phone company when sending money.

Wednesday the telco said the Central Bank of Kenya (CBK) had approved the charges, effective on December 1.

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