Safaricom has reduced M-Pesa Paybill charges for electricity, hospital, schools, among others, to cushion customers from tough economic challenges.
While the telco has reduced Bank to M-Pesa transactions by an average of 61 percent, M-Pesa to Bank has been reduced by approximately 47 percent.
The telco says the move is meant to protect customers who are already battling high costs of food, fuel, among other prices.
“In our role to continue supporting the economy and stimulating growth, we have taken the initiative to reduce significantly our pay bill 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,” he said.
The revised tariffs will be effective starting January 1st 2023.
“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.”