CBK Reintroduces Charges For Mobile Banking Transaction

By Soko Directory Team / Published December 6, 2022 | 12:18 pm

KEY POINTS

Banks had on March 16, 2020, announced a waiver of transaction costs from banks to mobile money wallets and vice versa as part of the emergency measures to facilitate the use of mobile money at the onset of the COVID-19 pandemic.

Kenyans who have been enjoying free transaction charges between their banks and their mobile wallets will have to adjust after the Central Bank of Kenya announced the reintroduction of charges on transactions.

According to a statement released by the CBK Governor, Dr. Patrick Njoroge, the new charges will be significantly lower than what was applied before. “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.”

The pricing principles were issued by the CBK on December 17, 2020, as the guiding framework for setting tariffs and charges for mobile money services. The principles relate to, customer centricity, transparency and disclosure, fairness and equity, choice and competition, and affordability.

Here is the full statement from CBK:

“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.” The directive will be effective from January 1, 2023.

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