The Cooperative Bank of Kenya found itself on the receiving end after a consumer inquired whether they charged their clients for receiving alerts.
The bank went on to say that the fees only applied to anyone who signed up for a particular service or visited one of their branches to activate an alert.
“Hi, we do charge for credit or debit alerts and the charge is Ksh 42 per alert. thanks” the bank responded.
Furthermore, it mentioned that clients can decide not to continue using the service they were receiving. Their justification fell on deaf ears as several Kenyans kept calling out specific banks in the country for making it clear they would not be charging for transactional notifications.
Read: Co-op Bank Half-Year Profit Hits Ksh11.5 Billon
This follows the Central Bank of Kenya (CBK) announcement of the resumption of charges on money transfers between bank accounts and mobile money wallets, providing comfort to commercial banks that have been complaining for months over the regulator’s refusal to reinstate the fees.
CBK noted that the reintroduced costs, which took effect on January 1, 2023, will be much lower than those put in place previously.
The reduced M-Pesa to Bank tariff will also apply to all M-Pesa Paybill payments that customers use for utilities such as electricity, hospital bills, schools, government payments, etc. to ensure affordability.
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