Safaricom has announced a reduction in PayBill, M-PESA to Bank charges, and business-to-customer tariffs. This is to ensure affordability and mitigate the prevailing economic challenges faced by customers.

Safaricom reduces Paybill prices by more than half

In the new changes, Bank to M-PESA charges have been reduced by an average of 61%. Additionally, M-PESA to Bank charges have been reduced by an average of 47% and applies 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.

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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.

They have structured the revised tariffs 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.

New tariff charges table