Yu joins Safaricom in raising mobile cash transfer fees

Mergers, Acquisitions and Financial Results

Essar Kenya has joined market leader Safaricom in raising charges for its mobile money transfer as operators pass on a new excise tax effected recently.

Orange and Airtel are yet to respond to the charges for all money transfer which bankers are headed for court to oppose.

Essar, which owns the yu brand, has from Thursday increased withdrawal charges for its yuCash service by 10 per cent but has retained the current zero charge on sending money.

On February 8, Safaricom raised M-Pesa charges by a similar margin for transactions above Sh101, as it rushed to protect its revenues.