The Central Bank of Kenya recently announced the reinstatement of bank-to-mobile wallet charges taking effect from the 1st of January 2023. In this article, we highlight the new transaction charges for someone transacting from Family Bank to M-pesa and Airtel Money.
CBK reinstated the charges following a cry from financial institutions. The charges had been waived in 2020, after the Covid-19 pandemic hit the country in March, in support of the go-cashless campaign, that was aimed at reducing the rate of infection.
Since then Kenyan have been enjoying free bank-to-mobile transaction, with the return of transaction fee, some Kenyan are thinking of going back to bank queing era.
But are these charges that extreme? well, bank policies matters and some banks have actually lowered the fee from their previous rates. On the other hand, some have tried to balance the equation by reducing the rate and increasing the rate according to the amount of money being transacted.
On top of that, the transaction charges from M-pesa to bank were also reinstated and no w you’ll be charges both ways. Initially Safaricom had waived this transaction together with m-pesa to m-pesa transaction for amount less than a 1000 Ksh. They reinstated the m-pesa-to-m-pesa transaction after their given period and maintained a free M-pesa to bank transactions.
In this article, we have higlight all the new transaction charges from Family Bank to M-Pesa and Airtel Money.
Family Bank to M-Pesa Transaction Charges
Transaction Amount in Ksh Charges in Ksh
1-100 0
101-500 10
501-1000 12
1001-1500 14
1501-2500 23
2501-3500 33
3501-5000 43
5001-7500 55
7501-10,000 55
10,001-15,000 65
15,001-20,000 65
20,001-150,000 67