The Central Bank of Kenya (CBK) has reversed the Covid-19-induced suspension of charges on mobile money wallets and bank account transactions, effective January 1, 2023.
The fees were waived on March 16, 2022, to help ease the cost of living during the global pandemic.
In a statement dated Tuesday, December 6, CBK stated that the maximum charges for transfers from bank accounts to mobile money wallets will be reduced.
“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.
“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,” read the statement in part.
According to CBK, bank charges for bank-to-mobile money transactions will be reduced by an average of 45%.
“The revised charges for bank-to-wallet and wallet-to-bank transactions will be announced by respective PSPs and banks and will be effective from January 1, 2023.
“CBK reiterates its commitment to facilitate the emergence of a payments ecosystem that works for and with Kenyans,” the statement adds.
