After Covid, CBK returns bank-to-mobile money transfer charges
The Central Bank of Kenya (CBK) has reversed the Covid-19-induced suspension of charges on mobile money wallets and charges on bank account transactions effective January 1, 2023.
The charges were waived on March 16, 2022, to help ease the cost of living amid the global pandemic.
CBK Governor Patrick Njoroge said the maximum charges for transfers from bank accounts to mobile money wallets will be slashed by 61 per cent.
On the other hand, mobile money wallets to bank accounts will be reduced by an average of up to 47 per cent.
The waiving of the fees was to encourage the non-physical exchange of cash during payments in an effort to contain the spread of the contagious Covid-19.
In December, CBK announced the reinstatement of bank-to-mobile wallet transfer fees, though slashing the charges by half.
In a statement dated Tuesday, December 6, CBK stated that the maximum charges for transfers from bank accounts to mobile money wallets will be reduced.
“The revised maximum charges for transfers from bank accounts to mobile money wallets will be reduced by on average up to 61 per cent, and mobile money wallet to bank account by on average up to 47 per cent.
“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 per cent,” read the statement in part.
According to CBK, bank charges for bank-to-mobile money transactions will be reduced by an average of 45 per cent.
“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.
“CBK reiterates its commitment to facilitate the emergence of a payments ecosystem that works for and with Kenyans,” the statement adds.
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