The government of Kenya ordered the Central Bank of Kenya to stop doing business with banks and mobile money wallets as a result of the Covid-19 pandemic in 2020.
Since there have been no fees associated with transferring funds from the Bank to MPESA, Kenyans have been enjoying this.
The Central Bank of Kenya announced the return of Bank to MPESA transactions in a press release on December 6, 2022, implying that the new fees would be lower than those before the Covid-19 pandemic.
[Photo Credit: Courtesy]
According to CBK, "The revised maximum charges for transfers from Bank Accounts to Mobile Money wallets would be reduced by on average up to 61%, and mobile money wallet to Bank Account by on average up to 47%."
The High Court has ordered Safaricom and CBK to halt the reintroduction of transaction fees between banks and mobile money, marking the most recent development.
Judge Mugure thande of the Milimani Law Court has stated that the new order to suspend the charges will take effect on January 23, when the matter will be brought up for further instructions.
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