Photo Courtesy; CBK Governor Patrick Njoroge
Tough times ahead for Kenyans as CBK reintroduces Mobile Money to Bank Transfer Charges that was removed during COVID 19 Pandemic in the country.
According a statement that has been released by the CBK, the new rates which it says is lowered will take effect immediately on 1st January 2023 and was arrived at after consultations with financial institutions.
"The revised maximum charges for transfers from bank accounts to mobile money wallets will be reduced by on average up to 61 per cent, and mobile money wallet to bank account by on average up to 47 per cent." Read part of the statement CBK shared.
According to the statement,tariffs for pay bills that are used to collect and disburse funds by businesses, companies, and institutions such as schools, utilities, etc, will be reduced by on average 50%.
on the other hand,charges levied by banks for bank-to-mobile money transactions will be reduced by an average of 45 per cent.
The waiver of the transaction charges was among the economic interventions that were taken during the start of the local pandemic in 2020 by the then President Uhuru Kenyatta led administration.
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