Safaricom has announced a 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. The revised tariffs will be effective starting 1st January 2023.
In the new changes, Bank to M-PESA charges have been reduced by an average of 61 per cent. Additionally, M-PESA to Bank charges have been reduced by an average of 47 per cent and is applicable to customers making M-PESA to bank transactions. Transactions below KES 100 remain zero-rated.
Safaricom said 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.
“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.
Here are the changes in the charges: