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Water policies in many sub‐Saharan African countries stipulate that rural communities are responsible for self‐financing their waterpoint's operation and maintenance. In the absence of policy consensus or evidence on optimal payment models, rural communities adopt a diversity of approaches to revenue collection. This study empirically assesses waterpoint sustainability and access outcomes associated with different revenue collection approaches on the south coast of Kenya. The analysis draws on a unique data set comprising financial records spanning 27 years and 100 communities, operational performance indicators for 200 waterpoints, and water source choices for more than 2000 households. Results suggest communities collecting pay‐as‐you‐fetch fees on a volumetric basis generate higher levels of revenue and experience better operational performance than communities charging flat fees. In both …