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Safaricom complies with CAK order on M-Pesa fees disclosure
Telecoms firm Safaricom has begun disclosing fees associated with M-Pesa transactions as it moves to comply with a directive issued by the competition watchdog last year.
As of Wednesday morning, M-Pesa users have been receiving a notification of cost of mobile money transactions via SMS.
Previously, these costs were not disclosed and customers had to rely on tariff guides provided online or posters at M-Pesa shops to know how much a transaction cost them.
“As we align with the recommendations made by the Competition Authority of Kenya (CAK), we hope that this latest innovation will enhance the customer experience on the M-Pesa platform,” said the company’s corporate affairs director, Mr Stephen Chege, in a statement.
The cost notification message is received after the transaction has been completed. Customers will have to wait a few more months to receive notifications of M-Pesa fees prior to completing a transaction.
Increase transparency
CAK last year ordered firms providing mobile money services to increase the levels of transparency associated with such transactions.
Safaricom now becomes the second telecom firm, after Airtel, to begin disclosing mobile money fees.
Telecoms firms and banks have been given until May to be fully compliant with the order.
SOURCE:BUSINESSDAILYAFRICA
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