Kenyans who are accustomed to cashless mobile transactions have been dealt a blow, after the Central Bank of Kenya announced the reintroduction of charges for transactions between mobile money wallets and bank accounts.
CBK announced the fresh development in a press statement released on Tuesday.
“The Central Bank of Kenya (CBK) announces the reintroduction of charges for transactions between mobile money wallets and bank accounts, which were waived on March 16, 2020, as part of the emergency measures to facilitate use of mobile money in the context of the Covid-19 (Coronavirus) pandemic,” the statement read.
“The new charges are significantly lower than those that applied before and will apply after January 1, 2023.”
According to the statement, the revised maximum charges for transfers from bank accounts to mobile money wallets will be reduced by on average up to 61 per cent, and mobile money wallet to bank account by on average up to 47 per cent.
CBK also said tariffs for paybills used by businesses, learning institutions and established companies shall be reduced by an average of 50 per cent.
“Tariffs for paybills 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 per cent,” CBK said.
CBK also said charges levied by banks for bank-to-mobile money transactions will be reduced by on average 45 per cent.
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.
The following is the full CBK statement on the matter: