CBK Reintroduces Charges Between Mobile money to Bank Transfer that were waived in 2020.
The Central Bank of Kenya (CBK) has reintroduced charges on transactions between mobile money wallets and bank accounts which had been waived on March 16 2020.
The charges are set to be restored from January 1, 2023, and follow discussions and lobbying between the CBK, banks and payment service providers with the latter two groups pushing for the fees return.
The payment service providers (PSPs) and banks have nevertheless agreed to revise the maximum charges on the transactions following consultations with the CBK.
The revised maximum charges for transfers from bank accounts to mobile money wallets will be reduced by an average of 61 per cent while the inverse (mobile wallets to bank accounts) charges will fall by an average of 47 per cent.
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