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Here Are KCB to M-PESA Transaction Charges Effective 2023

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Here Are KCB to M-PESA Transaction Charges Effective 2023

Kenn Abuya by Kenn Abuya
August 2, 2023
in How To
Reading Time: 3 mins read
829
36

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 KESCharges in KES 
OldNew
1 – 10054.32Free
101 – 50054.3211.20
501 – 1,00054.3213.60
1,001 – 1,50062.8816
1,501 – 2,50062.8826
2,501 – 3,50062.8838
3,501 – 5,00062.8850
5,001 – 7,50062.8864
7,501 – 20,00062.8876
20,001 – 150,00062.8878

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)
110000
101500234
5011,000239
1,0011,5003514
1,5012,5003519
2,5013,5005624
3,5015,0005633
5,0017,5008540
7,50110,0008546
10,00115,00011355
15,00120,00011360
20,00125,00011365
25,00130,00011378
30,00135,00011387
35,00140,00020296
40,00145,000202105
45,00150,000202105
50,001150,000210105
Tags: KCB
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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]

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