The Central Bank of Kenya has announced that it will begin charging fees for bank-to-mobile money transfers starting on January 1, 2023. The financial industry in Kenya had previously requested the reinstatement of these fees, which were suspended during the COVID-19 pandemic. The free service had been available to Kenyans for almost three years, but will no longer be offered as of the new year. Transfers to mobile money wallets will now be subject to a transactional fee, with specific fees for I&M Bank being provided.
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