The Central Bank of Kenya has announced that it will be re-introducing transaction fees for bank-to-mobile money transfers. This comes after banks waived these charges in March 2020, as part of emergency measures to facilitate the use of mobile money during the COVID-19 pandemic.
According to the Central Bank, the transaction charges will be lower than they were before the pandemic. This is intended to encourage the use of mobile money and to support the growth of Kenya’s digital economy.
“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 statement read.
“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.