The Central Bank of Kenya (CBK) has reinstated charges for transactions between bank accounts and mobile money wallets, which will take effect on January 1, 2023.
In a statement released by the CBK on December 6, the CBK noted
“The Central Bank of Kenya (CBK) announces the reintroduction of charges for transactions between mobile money wallets and bank accounts, which were waived on march 16, 2020, as part of the emergency measures to facilitate the use of mobile money in the context of the COVID-19 pandemic,” said CBK.
However, CBK noted that the new charges are by far lower than what was incurred for similar transactions before the waiver of the charges.
“The new charges are significant;y lower than those that applied before and will apply after January 1, 2023,” said the CBK.
The CBK further stated that the waiver was introduced in a timely manner as a mitigation measure to cushion Kenyans from the tumults of the pandemic, adding that the goals of the move have been achieved.
“This outcome confirms that the mitigation measures were timely and effective and resulted in significant benefits across the financial system. The resumption of the revised charges is aimed at building on these gains, facilitate a transition towards sustainable growth of the mobile money ecosystem, and ensuring affordability of payment services for Kenyans,” the CBK noted.
Relative to what was charged before the introduction of the waiver, money transfers from banks to mobile money wallets will reduce by up to 61%, while transfers from mobile money wallets to banks will fall by up to 47%.
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