Treasury Cabinet Secretary John Mbadi has dismissed claims that the Finance Bill 2026 will introduce new taxes on mobile money transfers. 

Speaking on Tuesday, May 26, during a public participation forum at the Bunge La Mwananchi, Mbadi said the government is not introducing any additional charges that would affect money transfers on platforms such as M-Pesa.

The Treasury CS explained that the proposed tax measures in the Finance Bill 2026 are instead targeting visa card service providers.

“We are not introducing any other extra charges that are going to affect money transfer through M-Pesa. We sat with Safaricom officials last Friday and discussed this, and they have understood it clearly.

“The platform that we are targeting is these card providers. For example, I have a Cooperative Bank visa card in my pocket; Cooperative Bank pays the owner of that visa, and most of them are not Kenyan. The platforms don’t pay any tax to the Kenyan government, and that is what we say is not fair,” Mbadi stated.

CS Mbadi acknowledged concerns from stakeholders in the banking sector over the proposal.

The Treasury CS said the concerns raised are procedural and would be addressed to ensure no one is hurt.

“There are concerns with the banks that they have already signed the contracts. We told them that it is procedural and we will deal with that to ensure no one is hurt,” Mbadi added.

This comes a day after Mbadi called out Wiper Party leader Kalonzo Musyoka after he claimed that the Finance Bill 2026 is seeking to introduce land taxation.

Addressing the media on Monday, May 25, CS Mbadi accused Kalonzo of misleading members of the public.

CS Mbadi clarified that the Finance Bill 2026 has no clause that touches on Land taxation or a plan to convert freehold land to leasehold.

“I watched former vice president Kalonzo Musyoka misleading the public. First, I watched his press conference, and he said reject the Finance Bill.

“I was waiting to hear why Kalonzo, of all the people, asked the Finance Bill to be rejected, then he says that there are hidden provisions in the Finance Bill and one of them is taxation of land,” Mbadi stated.

The Treasury CS challenged Kalonzo to point out the particular clause in the Finance Bill that proposes land taxation.

“There is nowhere in the bill that talks about taxing land. Can Kalonzo tell the people of Kenya the particular clause in the bill that we submitted to the National Assembly where it has touched on taxation of land?” Mbadi posed.