Be the first to get hottest news from our Editor-in-Chief
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Global site navigation
Local editions
PAY ATTENTION: Help us change more lives, join TUKO.co.ke’s Patreon programme.
Kenyan telecommunication companies have hiked mobile-to-bank money transfer fees after the reinstatement by the Central Bank of Kenya (CBK).
The fees had been waived in 2020 during the COVID-19 pandemic to encourage cashless transactions to curb the spread of the virus.
Safaricom and Airtel are charging more to transfer money to banks than the withdrawal charges from banks to mobile wallets, Business Daily reported.
The two telcos' charges range between KSh 0 to KSh 105 while bank rates range from KSh 0 to KSh 81 for transfers up to KSh 150,000.
Read also
Safaricom Dismisses Price Wars with Ethiopian Telco Ethiotel: “We’re Within Range”
PAY ATTENTION: Сheck out the list of featured Business Leaders of the Year 2022
Their bands allow them to charge more fees for transfers exceeding KSh 30,000.
The maximum bank tariffs for sending KSh 20,000 to KSh 150,000 to mobile wallets are set at KSh 65 to KSh 81.
Safaricom charges between KSh 87 and KSh 105 for sending KSh 30,000 to KSh 150,000 to a bank account.
For instance, it costs KSh 96 and KSh 105 to transfer KSh 40,000 and KSh 150,000 from M-Pesa to a bank account.
Airtel charges KSh 45 to transfer KSh 9,500 from Airtel Money to a bank account. Its bank-to-mobile charges range from KSh 5 and KSh 10.
All the routes charge nothing to transfer KSh 100 or less.
As of October 2022, Kenyans transacted over KSh 800 billion in mobile money up from KSh 157 billion in March 2020.
Read also
Kenyans to Spend Over KSh 24.8b on Nairobi Expressway Completion Despite Toll Charges
The transfer of money from banks to M-Pesa, Airtel Money and T-Kash started attracting a 20% excise duty on Sunday, January 1, 2023.
The CBK introduced new charges for bank-to-mobile money transfers after they were waived at the onset of the COVID-19 pandemic.
Stanbic Bank announced the reintroduction of bank-to-mobile wallet charges effective January 1, 2023.
PAY ATTENTION: Click “See First” under the “Following” tab to see TUKO News on your News Feed
Source: TUKO.co.ke
Be the first to get hottest news from our Editor-in-Chief
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
Recommended for you
Be the first to get hottest news from our Editor-in-Chief
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
Be the first to get hottest news from our Editor-in-Chief
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
Be the first to get hottest news from our Editor-in-Chief
Thank you!
Check your email and confirm your subscription
You are already subscribed to our newsletter!
Check your inbox to be the first to know the hottest news
