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