FYI: Bank-to-mobile money transfer charges among Kenya’s popular banks
On December 6, 2022, the Central Bank of Kenya green-lighted banks to the re-instated bank-to-mobile money wallet transaction charges after initially suspending the transaction charges in 2020 at the height of the Covid-19 pandemic.
The banks began charging for transactions on January 1, 2023, to the chagrin of Kenyans.
However, one Kenyan, Mr Moses Wafula, headed to the High Court to oppose the reinstatement of these transaction charges, claiming that the charges of transactions should not be passed to consumers.
The High Court issued temporary orders halting the reintroduction of charges between bank and Safaricom’s M-Pesa mobile money wallet.
Business Daily reported that the charges would remain suspended pending the determination of a suit involving financial consumer rights.
“Asking the court to put brakes on the charges, Mr Wafula said should the court find that the Mpesa Paybill charges are illegal more funds from the members of the public will have been lost and it may be difficult to ask the banks to refund the same.
He contends that his rights and those of other public members have been violated, infringed and continue to be threatened by the giant telecommunication firm and the Government of Kenya in view of the directive issued by CBK,” Business Daily further reported on January 12, 2023.
Before the second suspension of the transaction charges, one Kenyan on TikTok by the moniker Gadgets Africa compared the bank to M-Pesa charges in 2023 and this is what he discovered:
“So one of the major highlights now in 2023 is that bank to M-Pesa charges have been re-instated. So here is a list of the bank charges from the most common banks in Kenya and save this video for later because you will need it,” began Gadgets Africa.
What are your thoughts on these charges?
Should The High Court permanently get rid of these charges?
Do let us know what you think…