Bank-To-Mobile Money Transfer Charges Effective January 1, 2023

Starting today, January 1, 2023, bank-to-mobile money transfer charges will take effect. This is after the CBK re-introduced the charges late last year.

Kenyans have been enjoying free bank-to-mobile money transfers for under three years now, but that comes to an end today, January 1, 2023.

In this article, we’ve compiled a list of the charges different banks will be charging for each bank to mobile money transaction.

KCB Bank-To-Mobile Money Transfer Charges

AMOUNT TRANSACTED	BANK TO MOBILE MONEY CHARGES
1 – 100	0
101 – 1,000	25.20
1,001 – 1,500	25.20
1,501 – 5,000	30.00
5,000 – 20,000	32.40
20,000 – 150,000	34.80

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Also Read: Safaricom Bonga Points To Have An Expiry Date From 2023

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Family Bank Charges

Family bank have an extra row of between KES 15,000 to KES 20,000, and between KES 20,000 to KES 150,000.

AMOUNT TRANSACTED	BANK TO M-PESA CHARGES	BANK TO AIRTEL MONEY CHARGES
1 – 100	0	0
101 – 500	10	11
501 – 1,000	12	13
1,001 – 1,500	14	20
1,501 – 2,500	23	25
2,501 – 3,500	33	35
3,501 – 5,000	43	45
5,001 – 7,500	55	55
7,501 – 10,000	55	55
10,001 – 15,000	65	65
15,001 – 20,000	65	65
20,001 – 150,000	67	65

Stanchart Bank-To-Mobile Money Transfer Charges

Stanchart and DTB have fairly similar charges.

AMOUNT TRANSACTED	BANK TO MOBILE MONEY CHARGES
1 – 100	0
101 – 500	11
501 – 1,000	15
1,001 – 1,500	18
1,501 – 2,500	25
2,501 – 3,500	35
3,501 – 5,000	47
5,001 – 7,500	57
7,501 – 20,000	67
20,000 – 150,000	70

National Bank of Kenya Charges

National Bank have broken down the charges quite well showing that both the bank and the telco are benefiting from each transaction.

AMOUNT TRANSACTED	BANK TO M-PESA CHARGES	BANK TO AIRTEL MONEY CHARGES
1 – 100	0	0
101 – 500	10	11
501 – 1,000	12	13
1,001 – 1,500	14	20
1,501 – 2,500	23	25
2,501 – 3,500	33	35
3,501 – 5,000	43	45
5,001 – 7,500	55	55
7,501 – 20,000	60	60
20,000 – 150,000	67	65

Equity Bank-To-Mobile Money Transfer Charges

Equity has made it clear that these charges are exclusive of government taxes. Which means the charges could be higher.

AMOUNT TRANSACTED	BANK TO M-PESA CHARGES	BANK TO AIRTEL MONEY CHARGES
1 – 100	0	0
101 – 500	10	11
501 – 1,000	12	13
1,001 – 1,500	14	20
1,501 – 2,500	23	25
2,501 – 3,500	33	35
3,501 – 5,000	43	45
5,001 – 7,500	55	55
7,501 – 20,000	65	65
20,000 – 150,000	67	65

Diamond Trust Bank Charges

Here are the DTB charges:

AMOUNT TRANSACTED	BANK TO MOBILE MONEY CHARGES
1 – 100	0
101 – 500	11
501 – 1,000	15
1,001 – 1,500	18
1,501 – 2,500	25
2,501 – 3,500	35
3,501 – 5,000	47
5,001 – 7,500	57
7,501 – 20,000	67
20,000 – 150,000	70

NCBA Bank Charges

It isn’t clear if these will be the same charges for people using NCBA Loop accounts.

AMOUNT TRANSACTED	BANK TO M-PESA CHARGES	BANK TO AIRTEL MONEY CHARGES
1 – 100	0	0
101 – 500	10	11
501 – 1,000	12	18
1,001 – 1,500	14	20
1,501 – 2,500	23	25
2,501 – 3,500	33	35
3,501 – 5,000	43	45
5,001 – 7,500	55	55
7,501 – 20,000	65	65
20,000 – 150,000	67	65

From the above charges, different banks have different charges, and I find that to be odd. I’d expect the charges to be standard across the board.

KCB bank also seems to have the highest charges out of the listed banks but my guess is that they’ve also included the 20% excise fee.

Sending money from your mobile money account to your bank account was also free for some banks but this will also not be the case.

 Safaricom has since significantly adjusted these paybill charges, and will go live as we roll into 2023. 

Here are the revised paybill charges:

AMOUNT TRANSACTED	CURRENT TARRIFS (Ksh)	NEW TARRIFS (Ksh)
1-100	0	0
101-500	23	4
501-1,000	23	9
1,001-1,500	35	14
1,501-2,500	35	19
2,501-3,500	56	24
3,501-5,000	56	33
5,001-7,500	85	40
7,501-10,000	85	46
10,001-15,000	113	55
15,001-20,000	113	60
20,001-25,000	113	65
25,001-30,000	113	78
30,001-35,000	113	87
35,001-40,000	202	96
40,001-45,000	202	105
45,001-50,000	202	105
50,001-150,000	210	105

2023 is shaping up to be an expensive year, do let us know how you feel about the new charges.