Safaricom, a Kenyan telecommunications company listed on the Nairobi Securities Exchange (NSE), has revealed that it will be reducing its paybill and business to customer tariffs in an attempt to make its services more affordable for customers who are facing economic challenges. The company has announced that it will be reducing Bank to M-PESA charges by an average of 61%, and M-PESA to Bank charges by an average of 47%. These changes will apply to customers making M-PESA to bank transactions, with transactions below 100 Kenyan shillings (KES) remaining free of charge. These reductions are intended to help customers manage the cost of using Safaricom’s services during difficult economic times.
The mobile service provider has announced that it will be reducing its M-PESA to Bank tariff for all M-PESA Paybill payments, including those used for utilities such as electricity, hospital bills, schools, and government payments. The company aims to make its services more affordable for customers facing economic challenges, and the revised tariffs will take effect on January 1, 2023.
According to Safaricom CEO Peter Ndegwa, the move forms part of the telco’s efforts to stimulate economic growth and supporting customers during these challenging economic times, they had decided to significantly reduce paybill rates as well as business-to-customer tariffs”. “This decision demonstrates our commitment to helping all of our customers manage their costs and get through these difficult times.” He continued.
The revised tariffs have been designed to align with the Central Bank of Kenya’s principles of customer-centeredness, transparency, fairness, choice, competition, and affordability. These principles were considered in order to ensure that the new tariffs are beneficial for customers and promote a healthy, competitive market. The goal of the revisions is to provide customers with a range of options that are transparent, fair, and affordable, while also promoting competition and choice in the market.
2023 MPESA PAYBILL RATES
|Transaction Bands||Business to M-Pesa Tariff (B2C)||M-Pesa to Business Tariff (C2B)|
|Min||Max||Current (B2C)||New (B2C)||Current (C2B)||New (C2B)|