The Central Bank of Kenya has given banks a green light to start charging customers for transactions above Sh100 using their own mobile money wallets.
In a notice to the media houses on Thursday, the regulator said the charges will target transactions linked to a customer’s bank account and savings and credit cooperative (SACCO) account such as purchasing electricity tokens, airtime, cash transfers and other payments.
The financial institutions have not been charging customers for any cash transfers between their mobile money wallets and SACCO accounts since December 17, 2020, in a deal reached between CBK and Payment Service Providers.
The regulator noted it was forced to review the deal after observation that the SACCO sector is deeply integrated into these wallets and accounts for a significant share of their transactions.
It further concluded the zero-charge price regime would harm viability of the services given the inability to cover the underlying costs.
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