Sharp Daily
No Result
View All Result
Friday, August 8, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

I&M Cancels Bank To M-Pesa Transaction Fees

Sarah Wamaitha by Sarah Wamaitha
February 15, 2023
in News
Reading Time: 2 mins read
I&M Bank

I&M Bank [Photo/Courtesy]

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

RELATEDPOSTS

Why firms are shedding jobs despite survival

June 19, 2025

Opinion: Austerity wrong medicine for Kenya’s economy.

June 16, 2025

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.

Read: Safaricom, Partners Announce 40 Percent Decrease in Fuliza Tariffs

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.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Details Of Uhuru’s Election Observer Mission To Nigeria

Next Post

Artificial Intelligence -The Future Of Businesses

Sarah Wamaitha

Sarah Wamaitha

Related Posts

commercial illustrator
News

Why Kenyan private equity firms should consider continuation funds as an exit strategy

July 23, 2025
Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025

LATEST STORIES

Segregated Pension Schemes in Kenya Q2’2025 Performance

August 8, 2025
Asset allocation dividing an investment portfolio among different asset categories.

Building a Retirement Portfolio in Kenya

August 8, 2025

Steps banks can take to align with fair lending practices

August 7, 2025

The hidden cost of outdated economic statistics

August 7, 2025

EABL posts 12.2% profit surge, strengthens regional footprint despite rising illicit trade

August 1, 2025
1049795356

Maximizing Your Pension Contributions

August 1, 2025

The functional role of narrative in financial markets

August 1, 2025

Tanzania’s protectionist shift and what it means for Kenyan entrepreneurs and regional trade

July 31, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024