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Home Tech News

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

Muchiri by Muchiri
January 1, 2023
in Tech News
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Bank-To-Mobile Money Transfer Charges Effective January 1, 2023
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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 TRANSACTEDBANK TO MOBILE MONEY CHARGES
1 – 1000
101 – 1,00025.20
1,001 – 1,50025.20
1,501 – 5,00030.00
5,000 – 20,00032.40
20,000 – 150,00034.80

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 TRANSACTEDBANK TO M-PESA CHARGESBANK TO AIRTEL MONEY CHARGES
1 – 10000
101 – 5001011
501 – 1,0001213
1,001 – 1,5001420
1,501 – 2,5002325
2,501 – 3,5003335
3,501 – 5,0004345
5,001 – 7,5005555
7,501 – 10,0005555
10,001 – 15,0006565
15,001 – 20,0006565
20,001 – 150,0006765

Stanchart Bank-To-Mobile Money Transfer Charges

Stanchart and DTB have fairly similar charges.

AMOUNT TRANSACTEDBANK TO MOBILE MONEY CHARGES
1 – 1000
101 – 50011
501 – 1,00015
1,001 – 1,50018
1,501 – 2,50025
2,501 – 3,50035
3,501 – 5,00047
5,001 – 7,50057
7,501 – 20,00067
20,000 – 150,00070

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 TRANSACTEDBANK TO M-PESA CHARGESBANK TO AIRTEL MONEY CHARGES
1 – 10000
101 – 5001011
501 – 1,0001213
1,001 – 1,5001420
1,501 – 2,5002325
2,501 – 3,5003335
3,501 – 5,0004345
5,001 – 7,5005555
7,501 – 20,0006060
20,000 – 150,0006765

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 TRANSACTEDBANK TO M-PESA CHARGESBANK TO AIRTEL MONEY CHARGES
1 – 10000
101 – 5001011
501 – 1,0001213
1,001 – 1,5001420
1,501 – 2,5002325
2,501 – 3,5003335
3,501 – 5,0004345
5,001 – 7,5005555
7,501 – 20,0006565
20,000 – 150,0006765

Diamond Trust Bank Charges

Here are the DTB charges:

AMOUNT TRANSACTEDBANK TO MOBILE MONEY CHARGES
1 – 1000
101 – 50011
501 – 1,00015
1,001 – 1,50018
1,501 – 2,50025
2,501 – 3,50035
3,501 – 5,00047
5,001 – 7,50057
7,501 – 20,00067
20,000 – 150,00070

NCBA Bank Charges

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

AMOUNT TRANSACTEDBANK TO M-PESA CHARGESBANK TO AIRTEL MONEY CHARGES
1 – 10000
101 – 5001011
501 – 1,0001218
1,001 – 1,5001420
1,501 – 2,5002325
2,501 – 3,5003335
3,501 – 5,0004345
5,001 – 7,5005555
7,501 – 20,0006565
20,000 – 150,0006765

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 TRANSACTEDCURRENT TARRIFS (Ksh)NEW TARRIFS (Ksh)
1-10000
101-500234
501-1,000239
1,001-1,5003514
1,501-2,5003519
2,501-3,5005624
3,501-5,0005633
5,001-7,5008540
7,501-10,0008546
10,001-15,00011355
15,001-20,00011360
20,001-25,00011365
25,001-30,00011378
30,001-35,00011387
35,001-40,00020296
40,001-45,000202105
45,001-50,000202105
50,001-150,000210105

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

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