The Central Bank of Kenya (CBK) announced that bank-to-mobile money transfers will start attracting fees. This follows a push by the financial industry in Kenya to reinstate the charges after they were dropped at the start of the pandemic back in 2020.
Kenyans have been enjoying the free service for under three years now, but that comes to an end tomorrow, January 1, 2023. Effectively, any transfers made to mobile money wallets will attract a transactional fee, and we have the numbers for KCB.
Band in KES | Charges in KES | |
Old | New | |
1 – 100 | 54.32 | Free |
101 – 500 | 54.32 | 11.20 |
501 – 1,000 | 54.32 | 13.60 |
1,001 – 1,500 | 62.88 | 16 |
1,501 – 2,500 | 62.88 | 26 |
2,501 – 3,500 | 62.88 | 38 |
3,501 – 5,000 | 62.88 | 50 |
5,001 – 7,500 | 62.88 | 64 |
7,501 – 20,000 | 62.88 | 76 |
20,001 – 150,000 | 62.88 | 78 |
To note, these are fees for sending money from your KCB account to M-PESA/mobile money wallet.
While it was also free, at least for some banks, to send money from mobile money wallets to banks, this will not be the case because the same directive now imposes fees for these transactions.
Telco Safaricom has since adjusted these paybill charges, which will go live as we roll into 2023. They have been reduced significantly, and up to 50 percent for some tariffs.
Here are the charges:
Max band (KES) | Min band (KSH) | Current tariff (KES) | New tariff (KES) |
1 | 100 | 0 | 0 |
101 | 500 | 23 | 4 |
501 | 1,000 | 23 | 9 |
1,001 | 1,500 | 35 | 14 |
1,501 | 2,500 | 35 | 19 |
2,501 | 3,500 | 56 | 24 |
3,501 | 5,000 | 56 | 33 |
5,001 | 7,500 | 85 | 40 |
7,501 | 10,000 | 85 | 46 |
10,001 | 15,000 | 113 | 55 |
15,001 | 20,000 | 113 | 60 |
20,001 | 25,000 | 113 | 65 |
25,001 | 30,000 | 113 | 78 |
30,001 | 35,000 | 113 | 87 |
35,001 | 40,000 | 202 | 96 |
40,001 | 45,000 | 202 | 105 |
45,001 | 50,000 | 202 | 105 |
50,001 | 150,000 | 210 | 105 |
Thank you for the information,sad though.
Back to mattress banking
Thanks for info, it’s our choice of Gavermentto
and why is it that if i can access my money from fixed deposit….then reply is failed try next time why
Thank you for enlightening us on that…locked outer city of angels
This information is INACCURATE.
The correct information is;
Ksh 1-100 charge is Ksh 0
Ksh 101 – 500 charge is Ksh 11.20
Ksh 501 – 1000 charge is Ksh 13.60
Ksh 1001 – 1500 charge is Ksh 16
And so on
Are yous sure @McRed
This why I move money to vooma its FREE.
How?
True👍
Incorrect information
We have adjusted accordingly.
I have stopped banking,I rather have cash on hand. The government is making life hard for me
100%
back to mattress banking. period
At least, still cheaper than mpesa to mpesa
poor are the happy wish granted
People will have to go back to matress banking,as well digging holes n putting ur money there where only you can identify.The money is put inside a tin.Back to them days.
This is to make our life to become hard
Back to mattress banking
Moved 200 from the account to mpesa en the cost was 11.. seriously this is not good at all
U are always looking how 2 get money from kenyans.take it
So sad for the update
Kinacho ni furaisha nii saa hii kila mtu analia hata wenye wali cele kua wamepata serikali. Stop lamenting guys it’s your choice of Government sawa
Back 2 ATM though been on holiday!
Uzuri mattress aina chages
Do they charge transferring from kcb to your mpesa and vice vasa
Transferred 1k from equity to mpesa and I was charged 14.20/=
And why can’t I borrow loan from kcb
Thanks for the info, although hard
Home bank.a.better option
Thanks for the info, but based on the transactions I’ve done the intel. on KCB charges is innacurate. For example a transfer of 5k you’re charged sh.50. Please update this info.
we have adjusted accordingly.
My money my choice hizo bank mfunge tu coz we will not deposit money again, back to those days of house banking
Wueh 🥵 its hurt guys
Deposit from mpesa to bank accounts should be free because we are giving you money for trading.A confused Kenyan I am.
Comments are closed.