Transfer fees for mobile money to banks reintroduced by the CBK.

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The fees that were eliminated in 2020 for mobile money bank transfers have been reinstated by the Central Bank of Kenya (CBK).

CBK announced the adjustments in a statement released on Tuesday, December 6th, citing discussions between the central bank and the individual banks as the impetus for the modifications.

The revised prices, which were announced to go into effect on January 1, 2023, were, however, reportedly reduced by CBK.

“The new maximum fees will be cut by an average of up to 61 percent for transfers from bank accounts to mobile money wallets and by an average of up to 47 percent for transactions from mobile money wallet to the bank account.”

“Tariffs for bills used to collect and disperse revenues by organizations, corporations, and institutions, such as utilities, schools, etc., will be decreased by, on average, 50%.” Reads part of the statement.

The average fees banks add to sending money from a bank account to a mobile wallet will be cut by 45%, as reported by CBK.

Waiver of transaction fees was one of the early economic initiatives made in response to the worldwide epidemic.

CBK emphasized the move’s appropriateness, noting an increase in the volume of transactions at that time.

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