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.
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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%.
M-PESA Pay Bill charges for 2023
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.
