The Central Bank of Kenya (CBK) has announced the reintroduction of charges for transactions between mobile money wallets and bank accounts.
The transactions waived on March 16, 2020, aimed at cushioning Kenyans against the effects of the Covid-19 pandemic.
CBK in a statement on Tuesday said the new charges will be much lower than the one applied before the waiver.
He said the charges will apply beginning January 1, 2023.
According to the CBK, the revised maximum charges for transfers from bank accounts to mobile money wallets will be reduced by an average of up to 61 percent and mobile money wallets to bank accounts by an average of 47 percent.
Tariffs for paybill that are used to collect and disburse the funds by businesses, companies, and institutions such as schools, utilities, and others will be reduced by an average of 50 percent.
The charges levied by banks for banks to mobile money transactions will be reduced by an average of 45 percent.
"The revised charges for bank-to-wallet and wallet-to-bank transactions will be announced by respective PSPs and banks and will be effective from January 1, 2023," CBK stated.