By Douglas Muriithi
Safaricom (NSE: SCOM) 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
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