Safaricom to reduce Paybill charges starting January 1

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.

In the new changes, Safaricom CEO Peter Ndegwa said bank-to-M-PESA charges have been reduced by an average of 61 per cent.

These are the new charges;

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 Sh 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 take effect starting January 1, 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.” 

The revised tariffs have been structured to ensure alignment with the Central Bank of Kenya's pricing principles on customer centricity; transparency and disclosure; fairness and equity; choice and competition as well as affordability.