Safaricom has announced reduction in charges for paybill and business to customer tariffs in an effort to ensure affordability and mitigate the prevailing economic challenges faced by customers.
In the new changes, Bank to M-PESA charges have been reduced by average of 61%. Additionally, M-PESA to Bank charges have been reduced by an average of 47% and is applicable to customers making M-PESA to bank transactions.
Transactions below KES 100 remain zero rated. The reduced M-PESA to Bank tariff will also apply to all M-PESA Paybill payments that customers use for utilities such as electricity, hospital bills, schools, government payments etc. to ensure affordability.
The revised tariffs will be effective starting 1st January 2023.
“In our role to continue supporting the economy and stimulating growth, we have taken the initiative to reduce significantly our paybill and business to customer tariffs. This move reaffirms our commitment to support all our customers and enable them cost effectively get along with their lives especially at this time when most Kenyans are experiencing hard economic times,” said Safaricom CEO Peter Ndegwa.
The revised tariffs have been structured to ensure alignment with the Central Bank of Kenya pricing principles on customer centricity; transparency and disclosure; fairness and equity; choice and competition as well as affordability.
The move comes as an appreciation of increased usage by customers making payments using M-PESA Paybill for services.