Safaricom cuts Paybill charges by more than half
Safaricom has announced a reduction in fees for paybill and business-to-customer tariffs in an effort to ensure affordability and lessen the current financial difficulties customers are facing.
The new changes have decreased Bank to M-PESA charges by an average of 61 percent.
Additionally, fees associated with M-PESA to Bank transactions have been decreased by an average of 47 percent for customers, as earlier communicated by the Central Bank of Kenya.
Transactions under KES 100 will remain rated zero.
In order to ensure affordability, the reduced M-PESA to Bank tariff will also be applied to all M-PESA Paybill payments that customers make for utilities like electricity, hospital bills, school bills and government payments.
“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,” Safaricom CEO Peter Ndegwa SAID.
“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 designed to be in line with the Central Bank of Kenya’s pricing principles, which emphasize customer focus, transparency and disclosure, fairness and equity, choice and competition, and affordability.
The new tariffs will go into effect on January 1, 2023.