The I&M Bank has announced that it has waived bank-to-mobile wallet charges from its On The GO (OTG) digital banking platform.
I&M Bank announced the move, which it said was in line with its 'iMara 2.0 strategy' which seeks to enhance its digital banking solutions to meet customer standards, on Wednesday in a post shared on its social media accounts.
“We have officially waived Bank to M-PESA charges from our digital banking platform - I&M On The Go (OTG),” the tweet read.
“Our customer feedback showed that as much as our transaction rates were favourable, there was an opportunity to review our policies on bank to mobile money wallet charges (M-PESA and Airtel Money) for the digitally active customer.”
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According to the bank, the high cost of living coupled with the bank's willingness to offer its customers some relief during these difficult economic times informed the decision.
The bank says it intends to cushion its customers against tough economic times and encourage digital banking.
“This is informed by consumer insight on the high cost of living and will offer new to bank and existing customers, some relief during the tough economic times,” the bank said.
“As your caring financial partner the Bank thought it prudent to cushion our customers and also encourage digital banking. We appreciate your continued patronage with I&M Bank and We Are On Your Side.”
This comes as a relief to I&M Bank customers, especially after the Central Bank of Kenya announced the reintroduction of charges for transactions between mobile money wallets and bank accounts on December 6, 2022.
The transaction charges were waived in the wake of the Covid-19 pandemic as a measure to curb the spread of the virus.
A section of Kenyans who interacted with the tweet expressed their interest in opening accounts with the I&M Bank as they look to save on the transaction charges.
