At the start of 2023, Kenyan banks re-introduced bank-to-mobile money charges, which had been dropped by the CBK at the start of the pandemic to cushion Kenyans from economic constraints. Different banks announced their tariffs, including Equity, and upon looking at them, we realized they were mostly the same, with no clear winner in terms of value.
Loop, the neobank by NCBA, was not charging people at that time too, but after its massive overhaul and revamp, it introduced bank to mobile money fees.
For now, only I&M Bank doesn’t charge customers for the same. This development was announced yesterday, and it is a welcome move that we hope other lenders will follow.
In the meantime, these are the charges for sending money from Equity Bank to M-PESA and Airtel Money:
|From (KES)||To (KES)||M-PESA (KES)||Airtel Money (KES)|
The charges you have are false,they charge more than that.verify with them,otherwise you are misleading the users of those services.
Maybe you should re-check the charges, because these are orginal tariffs by the bank https://equitygroupholdings.com/ke/images/docs/Tariff-Funds-Transfer-Charges.pdf
@Kenn Abuya, listen to customers. Equity is charging more than those rates you’ve quoted. For example, it costs sh.50 to transfer 5k, and the lower the transfer amount, the higher the percentage charge. I can show you my bank statements.
We are moving to I&M bank..
I&M is not the only bank that doesn’t charge for M-Pesa. Even Bank of Baroda was never charging customers for Bank to M-Pesa transactions. Bank of Baroda was the first bank to keep the transaction free
Not correct. I have just sent 2000/ and they charged 24/- They’re charging 64/- to send 6000/-. This is robbery!
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