Safaricom on Thursday announced it has slashed its charges for M-Pesa Paybill and Business To Customer (B2C) tariffs by more than half.

Safaricom CEO Peter Ndegwa says the move is meant to ensure affordability and help Safaricom customers to navigate the current tough economic times.

The new tariffs announced by Safaricom will see Bank to M-Pesa charges reduce by an average of 61 per cent while M -Pesa to Bank has gone down by 47 per cent averagely.

Safaricom says it will not charge customers for transactions below Sh100.

The telcos added that the slashed M-Pesa to Bank tariff will also apply to all M-Pesa Paybill payments for utilities including electricity, hospital bills, schools, government payments.

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The reviewed charges come into effect on January 1, 2023.

“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,” said Ndegwa.

He added, “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,” said Safaricom CEO Peter Ndegwa.”

The CEO added that the new tariffs are aligned with Central Bank of Kenya pricing principles on customer centricity; transparency and disclosure; fairness and equity; choice and competition as well as affordability.