Safaricom has announced new Mpesa charges effective 1st January 2023. The new revised Mpesa charges that have already taken effect for on Mpesa and have seen reduction on money transfer charges on transfer to other M-PESA users, Pochi La Biashara, and Business Till to customer.
Transaction of between Sh101 and Sh500 in paybill will now be charged Sh4, down from Sh23 previously charged.
On the other hand, payments between Sh500 and Sh1,000 will cost Sh9, down from Sh23 while those between Sh50,000 and Sh150,000 will cost Sh105, down from Sh210 that was previously charged.
“We would like to notify our valued customers and partners on the reduction in charges by an average of 47% for M-PESA paybills and an average of 61% for Business to customer charges.” Safaricom Announced
The new tariffs are also applicable to bank charges that were previously zero rated. The new tariffs come into effect from 1st January 2023.
New Mpesa Charges From 2023
|MIN||MAX||Transfer to Other Mpesa Users Charges||Agent Withdrawal Charges|
The new changes comes at a time many banks businesses had opted for bank Paybill options avoiding tills that were eating into their profits.
Safaricom has also announced new charges for transactions between bank accounts and M-Pesa where bank to M-Pesa transaction charges have been reduced by an average of 61 percent and M-Pesa to bank charges have been reduced by an average of 47 percent.
This is after the Central Bank of Kenya (CBK) two weeks ago announced the reintroduction of charges for transactions between mobile money wallets and bank accounts after negotiation with lenders and mobile money payment firms.
We would like to notify our valued customers and partners on the reduction in charges by an average of 47% for M-PESA paybills and an average of 61% for Business to customer charges. pic.twitter.com/P7dTQikstx
— Safaricom PLC (@SafaricomPLC) December 31, 2022
“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,” said Safaricom in an earlier statement last week.