• Latest
  • All
  • How To
Tracking Digital Lending Regulation as Proposed Framework Goes Through Public Scrutiny

CBK Reintroduces Bank to Mobile Money Wallets Charges Effective from January 2023

December 6, 2022
vpns-kenya

How to Install a VPN and the Best Options in Kenya

June 26, 2025
landlords-internet-service providers

Competition Authority Cracks Down on Kenyan Landlords Blocking Internet Providers

June 26, 2025
Iran cyberattacks

Cyber Threats Surge as Iran-Linked Groups Retaliate Against U.S. and Israel

June 26, 2025
Communications Authority ranked by ITU as best in Africa ICT regulations

Media Blackout: Communications Authority Orders Halt to Live Protest Coverage

June 25, 2025
DHgate Tablet Cases deals
social media protests Kenya

#SiriNiNumbers: Gen Z-Led Protests Dominate Kenyan Streets and Social Media

June 25, 2025
How to Secure Your Phone and Yourself During Protests

How to Secure Your Phone (and Yourself) During Protests

June 25, 2025
xiaomi

Xiaomi June 26 Mega Launch: From EVs to Foldables

June 24, 2025
All-Screen-iPhone-2027-Apple

Apple Reportedly Working on an All-Screen iPhone

June 24, 2025
Unified Payment Interface

CBK’s New Fast Payment System Plan Could Rival M-Pesa

June 24, 2025
Starlink

Starlink Resumes Sign-Ups in Nairobi After 7-Month Freeze

June 24, 2025
ASUS ROG Flow Z13

ASUS ROG Flow Z13 Proves Portability and Power Can Coexist

June 24, 2025
Infinix InBook Air

Infinix InBook Air Review: Perfect Laptop for Students and Simple Workflows

Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
No Result
View All Result

CBK Reintroduces Bank to Mobile Money Wallets Charges Effective from January 2023

Kenn Abuya by Kenn Abuya
December 6, 2022
in News
Reading Time: 2 mins read
260
0
CBK Governor Patrick Njoroge

CBK Governor Patrick Njoroge

At the start of the pandemic back in March 2022, the CBK announced that it had waived fees for sending money between mobile money wallets and bank accounts.

This allowed millions of Kenyans to send money to their friends and family without paying for transaction charges, even to the point where many Kenyans preferred that route, especially for high-volume transactions that would otherwise be costlier using mobile money channels, especially M-PESA.

Now, the CBK has revealed that this will no longer be the case because the charges have now been re-introduced.

It had been hinted that this development was on the way, following reports that Safaricom and its M-PESA platform were losing money from people who took full advantage of the waiver.

This even became more apparent when the telco released its HY Results 2023 just the other day; CEO Peter Ndegwa revealed that the charges would be back, but at a lower rate than it was before.

Charges

The revised maximum charges for transfers from bank accounts to mobile money wallet will be reduced by on average up to 61% and mobile money wallet to bank by on up to 47%.

Tariffs for paybills that are used to collect and disburse funds by businesses, companies, and institutions such as schools, utilities, and more will be reduced by on average 50%.

The charges levied by banks for bank-to-mobile money transactions will be reduced by an average of 45%.

The revised charges for bank-to-wallet and to-bank transactions will be announced by respective telcos and banks and will be effective from January 1, 2023.

Numbers

Since the charges were waived up to October 2022, the number of Kenyans using mobile money increased by over 6.2 million.

The monthly and Of P2P transactions increased from 162 million transactions worth KES 234 billion, to 440 million transactions worth KES 399 billion, an increase of 171% and 71% respectively.

The monthly volume and value of transactions between PSPs and banks increased from 18 million transactions worth about KES 157 billion, to over 113 million transactions worth KES 800 billion, an increase of 527 and 410%, respectively.

Tags: CBKMobile Money
SendShare147Tweet92
Kenn Abuya

Kenn Abuya

Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]

Related Posts

Unified Payment Interface

CBK’s New Fast Payment System Plan Could Rival M-Pesa

June 24, 2025
kenya-parliament

Parliament Invites Public Feedback on Virtual Asset Bill 2025

May 30, 2025
features of the Kenya's Virtual Asset Bill

Kenya Moves to Regulate Crypto Industry with the Virtual Asset Bill 2025

May 30, 2025
Report on Mobile money industry in kenya

Kenya’s GDP Per Capita Up $460, Thanks to Mobile Money

April 1, 2025
US Dollar to Kenyan Shilling Exchange Rate

US Dollar to Kenyan Shilling Conversion Guide 2025

March 14, 2025
new licensed digital credit providers kenya

Kenya Tightens Grip on Digital Lenders With New CBK Regulations

March 4, 2025

Latest

vpns-kenya

How to Install a VPN and the Best Options in Kenya

June 26, 2025
landlords-internet-service providers

Competition Authority Cracks Down on Kenyan Landlords Blocking Internet Providers

June 26, 2025
Iran cyberattacks

Cyber Threats Surge as Iran-Linked Groups Retaliate Against U.S. and Israel

June 26, 2025
Communications Authority ranked by ITU as best in Africa ICT regulations

Media Blackout: Communications Authority Orders Halt to Live Protest Coverage

June 25, 2025
social media protests Kenya

#SiriNiNumbers: Gen Z-Led Protests Dominate Kenyan Streets and Social Media

June 25, 2025
How to Secure Your Phone and Yourself During Protests

How to Secure Your Phone (and Yourself) During Protests

June 25, 2025

Best devices

budget smartwatches 2025

Best Budget Smartwatches To Buy in Kenya 2025

February 13, 2025

Best Infinix Smartphones To Buy in Kenya 2024

February 13, 2025

Best Laptops for Battery Life in 2024

August 21, 2024

Best “Battery Warrior” Smartphones To Buy in 2024

August 22, 2024

How to Install a VPN and the Best Options in Kenya

June 26, 2025

Competition Authority Cracks Down on Kenyan Landlords Blocking Internet Providers

June 26, 2025

Techweez is a fast growing influential source of technology news, reviews and analysis by leading tech geeks in the industry.

Follow Us

Editorials

Abductions and Arrests! Kenyan Government’s Fear and Hate of X Users Makes No Sense

Actors and Film Crews Are Worried About Veo 3 Taking Their Jobs

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

Trump’s Tariffs Will Be the End of Affordable Tech

5 Ways to Prep Your Tech for Resale

The Weaponization of PDFs: How Cybercriminals Are Exploiting a Trusted Format

More News

Xiaomi June 26 Mega Launch: From EVs to Foldables

Apple Reportedly Working on an All-Screen iPhone

CBK’s New Fast Payment System Plan Could Rival M-Pesa

Starlink Resumes Sign-Ups in Nairobi After 7-Month Freeze

ASUS ROG Flow Z13 Proves Portability and Power Can Coexist

Infinix InBook Air Review: Perfect Laptop for Students and Simple Workflows

  • Terms Of Use
  • Techweez Brand
  • Privacy & Policy
  • Contact Us

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!

Hey there! Just a heads-up: we're big fans of cookies - both the digital and edible kind! 🍪 We use our cookies and some from third parties to ensure your browsing experience on our site is smooth sailing and secure.

 

But wait, there's more! We also use cookies to gather stats and insights on how you navigate our site. It's like getting a behind-the-scenes peek at your digital adventures!

 

Don't worry, you're in control. You can adjust your cookie settings anytime to suit your preferences. Feeling curious? Dive into our Privacy Policy for all the juicy details. Happy browsing! 🚀

Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
No Result
View All Result
  • News
  • Reviews
  • Features
  • Editorial
  • Automotive
  • Entertainment

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.