Beginning January 2023, Safaricom has introduced charges customers attract while using M-Pesa Paybill services. This is after the Central Bank of Kenya re-introduced transaction costs that had been removed due to the effects of Covid-19.
Paybills are different from Till Numbers in that the former is for long term use with customers having an account number, and dedicated transaction fees on the end of the customer. Meanwhile the latter, Till numbers, are for sale of goods and services, allowing quick transfer of cash without transaction charges on the consumer.
For a long while, Paybills have attracted heavy transaction charges, and that is now changing, thanks partly to the Central Bank of Kenya. Paybills that attracted as much as Ksh 23.00, will now attract as little as Ksh 4.00
According to Safaricom, the maximum Paybill numbers will attract for transactions will now be Ksh. 65.00 instead of Ksh 113.00. The minimum is now Ksh 0 for transactions up to Ksh 100.00
New M-pesa Charges 2023
This table gives a comprehensive breakdown of charges that Safaricom will be charging effective January 2023.
| AMOUNT TRANSACTED | CURRENT CHARGES | NEW CHARGES |
|---|---|---|
| 1 – 49 | 1 | 0 |
| 50 – 100 | 2 | 0 |
| 101 – 500 | 23 | 4 |
| 501 – 1,000 | 23 | 9 |
| 1,001 – 1,500 | 35 | 14 |
| 1,501 – 2,500 | 35 | 19 |
| 2,501 – 3,500 | 56 | 24 |
| 3,501 – 5,000 | 56 | 33 |
| 5,001 – 7,500 | 85 | 40 |
| 7,501 – 10,000 | 85 | 46 |
| 10,001 – 15,000 | 113 | 55 |
| 15,001 – 20,000 | 113 | 60 |
| 20,001 – 25,000 | 113 | 65 |
Moreover, Safaricom says that there will be also transfer fees from M-pesa to Bank accounts. This will cost you Ksh. 55.00 and you will pay to withdraw money from your bank account. This may reduce the number of transactions Kenyans will be making and many will opt to withdraw cash at the nearest ATM machines.
That said 2023, will be putting more strain on Kenyans pockets as high inflation continues to bit.