Photo: Central Bank governor Patrick Njoroge.
The Kenyan central bank (CBK) has made known that it intends to reinstate MPESA transactional fees to the Bank. The plan will go into effect on January 1st, 2023.
The fee charges will apply to Mpesa to Bank transactions, such as deposits of money from Mpesa accounts into bank accounts and withdrawals of money from bank accounts into MPESA accounts.
The initial Bank to MPESA fees were eliminated by the previous administration of former president Uhuru Kenyatta. In an effort to protect Kenyans from the difficult economic conditions brought on by the COVID-19, the former president ordered the elimination of Bank-Mpesa fees.
Kenyans' reactions to the CBK's restoration of the charges have been polarized. The government has been asked by certain online citizens not to apply the new money taxes. The economy is still tough, the internet users noted.
A number of online users have also claimed that the banks reintroduced the bank charges much earlier than they should have without the CBK's approval.
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