Safaricom’s M-PESA is the biggest mobile money platform in the country today. This digital payment service allows users to send and receive money, pay bills, and make other financial transactions using their mobile phones.
All these services are not free to use, obviously. Otherwise, they’d be out of business. M-PESA typically charge fees for their services, which may vary depending on the specific transaction and the provider.
- Here Are the Updated M-PESA Transaction Charges for 2023
- How to make M-PESA to Bank deposits
- Full List of USSD Codes For Banks In Kenya
Recently, we saw the Central Bank of Kenya come in to reinstate the M-PESA to Bank transaction fees that were scrapped at the height of the 2020 COVID-19 pandemic. These changes take effect from 2023 and along with that, we’re going to see a reduction in the transaction cost when using the M-PESA Pay bill function on the platform.
The new M-Pesa pay bill charges are lower than the current rates by an average of 61%. These rates are much lower than the new M-PESA to Bank transactions which have also seen a cut by approximately 47%.
“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.”
Safaricom CEO Peter Ndegwa said.
M-PESA Pay Bill charges for 2023
| Max band (KES) | Min band (KSH) | Current tariff (KES) | New tariff (KES) |
|---|---|---|---|
| 1 | 100 | 0 | 0 |
| 101 | 500 | 23 | 4 |
| 501 | 1000 | 23 | 9 |
| 1001 | 1500 | 35 | 14 |
| 1501 | 2500 | 35 | 19 |
| 2501 | 3500 | 56 | 24 |
| 3501 | 5000 | 56 | 33 |
| 5001 | 7500 | 85 | 40 |
| 7501 | 10000 | 85 | 46 |
| 10001 | 15000 | 113 | 55 |
| 15001 | 20000 | 113 | 60 |
| 20001 | 25000 | 113 | 65 |
| 25001 | 30000 | 113 | 78 |
| 30001 | 35000 | 113 | 87 |
| 35001 | 40000 | 202 | 96 |
| 40001 | 45000 | 202 | 105 |
| 45001 | 50000 | 202 | 105 |
| 50001 | 150000 | 210 | 105 |
With the high cost of living, this move will go a long way to make Kenyans’ lives a tad bit more bearable. This should also be a breath of fresh air for the millions of traders and vendors who have been enjoying free reign of the free M-PESA to Bank transaction, and extending the same to their customers.
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