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Kenyans will be required to incur an extra cost while transferring money from banks to mobile money wallets.
The transfer to M-Pesa, Airtel Money and T-Kash is expected to attract a 20% excise duty, starting on Sunday, January 1, 2023.
Central Bank of Kenya (CBK) introduced new charges for bank-to-mobile money transfers after they were waived at the onset of the COvid-19 pandemic.
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The directive from the regulator saw commercial banks and mobile money operators notify customers of the new changes in tariffs.
Stanbic Bank announced the reintroduction of bank-to-mobile wallet charges effective January 1, 2023.
The bank said the charge amount applicable will be availed to the customer before the completion of the transaction.
CBK said the maximum charges for transfers from bank accounts to mobile money wallets will be reduced by 61%, and mobile money wallets to bank accounts by 47%.
Pay bill tariffs will be reduced by an average of 50%, while charges levied by banks to mobile money transactions will be reduced by 45%.
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Other banks continue to follow suit as they incorporate the new changes from the regulator.
Leading mobile money service provider Safaricom M-Pesa said it has reduced paybill charges and tariffs by more than half.
Safaricom Chief Executive Officer Peter Ndegwa noted the move was reached to align with Central Bank of Kenya (CBK) principles.
Ndegwa said the leading telco is committed to supporting customers, especially during hard economic times.
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Source: TUKO.co.ke
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