CBK Reintroduces Charges On Transfers Between Mobile Money Wallets And Banks

The charges had been waived since March 2020 as a part of Covid – 19 emergency measures to help ease the cost of living.

CBK in reintroducing the charges noted that the revised maximum charges for transfers from bank accounts to mobile money wallets will be reduced by on average up to 61 percent, and mobile money wallet to bank account by on average up to 47 percent.

Tariffs for pay bills that are used to collect and disburse funds by businesses, companies, and institutions such as schools, utilities, etc, will be reduced by on average 50 percent.

Further, the charges levied by banks for bank to mobile money transactions will be reduced by on average 45 percent.

“The revised charges for bank to wallet and wallet to bank transactions will be announced by respective PSPs and banks and will be effective from January 1, 2023,” said CBK.

CBK reiterated its commitment to facilitate the emergence of a payments ecosystem that works for and with Kenyans.

The apex bank said it will continue to monitor developments in the payments ecosystem and take action where necessary.