This has come as the m-banking customers are going to encounter high charges in transacting money from their banks. It has been long now since the charges were removed in 2020 when COVID-19 outbreak in Kenya. Due to COVID-19 pandemic this made the banks to allow customers to transact their money to their mobile phones in low charges. The monthly volume and value if transactions between payment providers and banks in two years time increased from 18 million worthy sh 157 billion to over 113 million transactions worthy sh 800 billion. The customers are going now to encounter charges in accordance to the amount which they transact.
To transfer any amount between Sh20,001 and Sh150,000, DTB said it will charge Sh 70. This has shocked the m-banking customers as the transaction cost have increased. “Dear Customer, following the press release by CBK, we wish to notify you that effective January 1, 2023, the bank will reinstate transaction charges between account and mobile money wallets. For more information visit our website,” said Consolidated Bank in a notice to customers. Now customers have been alerted to be aware about this as it going to start by 1st January 2023.
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