Starting January 2023, Safaricom has revised the charges customers attract while using M-Pesa Paybill services. This also comes as the Central Bank of Kenya re-introduces transaction costs for transactions between banks and mobile money wallets.
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’s now changing, thanks partly to the Central Bank. Paybills that attracted as much as KES 23, will now attract as little as KES 4.
The maximum Paybill numbers will attract for transactions will now be KES 65 instead of KES 113. The minimum is now KES 0 for transactions up to KES 100.
This table breakdown the new M-Pesa Paybill Transaction Charges:
|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|
Transaction charges when moving money from M-Pesa to Bank Account:
These will also be the fees you will be charged when moving money from your M-Pesa Account to your Bank Account using Paybill Numbers. So say you have KES 14,400 and you’re moving it from your M-Pesa to your KCB/Loop/Equity Bank/Absa account, you will incur a cost of KES 55 to move it.
Moving it back from the bank to your M-Pesa will also incur certain charges, which each bank will specify on. Many banks have already released a breakdown of the transaction charges when moving money from their bank account to your mobile wallet – both M-Pesa and Airtel Money.
Happy new year…