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Bad News to Kenyans as the year Begin After CBK induced Transaction Cost for Bank-to-Mpesa Transfer

Following the Central Bank of Kenya set regulations to commercial banks on transactions for bank-to-mobile cash transfer, in 2023 Kenyans will be paying a certain transaction cost for all bank-to-mpesa transfer.

This is after the CBK ends free bank-to-mobile cash transfers as had been instructed earlier by the state to increase taxation rate for the country back to how it was before the COVID-19 which led to waving of the cost. Any cash transfer as from 1st January, 2023 from bank accounts to Mpesa, Airtel Money, T-Kash among others will attract a 20 per cent excise fee.

Following the guidelines from the CBK, different commercial Banks have been sending text messages to their customers on 31st Saturday, 2022 to remind them on charges they will incur as the new year begins. One from Equity Bank sent to all customers stating clearly that transaction cost will be effective as from 1st January.

“Dear Member, we wish to notify you that effective 1st Jan 2023, transactions between bank and mobile money wallets will be charged following the recent announcement by Central Bank of Kenya. For queries call 0763000000,” reads a text from Equity bank.

Content created and supplied by: Richmak (via Opera News )

CBK Central Bank of Kenya Equity Bank Mpesa T-Kash


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