Co-operative bank has today issued a statement waiving charges on deposits from M-Pesa using Paybill 400200. The move comes just a day after distraught customers took to social media urging the bank to rethink the charges.
Hello David. Sorry for any inconvenience caused. The ledger fee is charged for deposits done via Paybill 400200. Each deposit from Mpesa is charged Ksh35 exclusive of excise duty. ^LN
— Co-op Bank Kenya (@Coopbankenya) March 2, 2022
After reading the shenanigans at @Coopbankenya, thank God I bank with Equity. Can never think of that shylock masquerading as a bank
— 🗿 (@teamtaiwan) March 3, 2022
I will switch to a different bank, Co-op bank played me
— Kyle Samai (@kylesamai) March 2, 2022
“The KES. 42 charge we had placed on money transfers from M-PESA to some of our accounts using Paybill 400200 has been reversed.” Co-op Bank said in the statement.
— Co-op Bank Kenya (@Coopbankenya) March 3, 2022
After Covid-19 hit, the Kenyan Government directed reliefs on mobile phone payments to encourage cashless payments on mobile phones as part of efforts to contain the spread of the virus.
Banks have cried to the government for months claiming the loss of millions per month due to the free transfers between them and wallets such as M-Pesa given that they used to charge fees ranging from Sh30 to Sh197 before the waivers were introduced.
The Kenya Bankers Association (KBA) had late last year sought to lobby the Central Bank of Kenya (CBK) to reinstate charges on customers’ transfer of money from bank accounts to mobile money wallets.