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Treasury targets to raise Sh4.5bn from money transfers
A man at an M-Pesa shop. Mobile money transfer rates will go up by a tenth after a new law came into effect last week. FILE
The government is targeting to raise at least Sh2.5 billion from taxes charged on mobile money transfers amid fears that the levy will slow down the penetration of financial services among the poor.
Safaricom became the first mobile phone company to announce that it would increase its money transfer tariffs by a tenth to accommodate the tax passed with the enactment of the Financial Act 2012.
