I&M Bank has canceled Bank to Mpesa charges, providing relief to customers who had complained about high transaction fees.
The waiver will apply to mobile money wallets on its digital banking platform, “I&M On The Go (OTG)”.
Following the introduction of the charges by the Central Bank of Kenya in January 2023, it becomes the first lender in Kenya to offer zero costs on Bank to Mpesa and Airtel Money transfers, which will later be rolled out to T-Kash from Telkom.
Read: CBK Reinstates Charges Between Bank and Mobile Money Transactions
The decision, according to the bank, was made after careful evaluation of various aspects, including customer input, market developments, and I&M’s long-term digital banking strategy.
The bank also believes that by eliminating costs, mobile transactions would become more appealing and affordable for both current and potential clients.
The Central Bank of Kenya’s decision to waive bank-to-mobile money fees caused a significant shift in how Kenyans do business.
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According to the bank, in order to maintain the service’s accessibility and affordability for all Kenyans, it will also be important to monitor consumer acceptance and usage and make adjustments as needed.
The free bank-to-mobile money wallet transactions were one of the emergency steps implemented by the CBK on March 16, 2020, to encourage the usage of mobile money rather than cash as a means of limiting the spread of COVID-19.
I&M Holdings was licensed and approved as a non-operating holding company in accordance with the provisions of the Banking Act, Cap 488 Laws of Kenya following a reverse takeover of CTL by I&M Bank Limited in June 2013.
The Company is regulated by the Capital Markets Authority (CMA) and the Central Bank of Kenya.I&M Group PLC operates in five countries – Kenya, Tanzania, Rwanda, Uganda, and Mauritius through its subsidiaries, affiliates, and joint venture investments in each of these countries.
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