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NEWS & CURRENT AFFAIRS

The Nairobian

Banks discontinue charges to mobile money following public outcry

Business

By Brian Okoth | Jan 18, 2023

The suspension of bank-to-mobile money charges was first introduced in March 2020. [Courtesy]

Commercial banks in Kenya have discontinued transfer charges to mobile money in compliance with a January 12, 2023 court directive.

The Wednesday, January 18 withdrawal of the charges followed week-long public outcry after banks defied the order.

On January 12, the High Court in Nairobi suspended the re-introduction of the bank-to-mobile money charges pending the hearing of a petition scheduled for Monday, January 23.

A petitioner had moved to court seeking to have the banks compelled to bear the transfer costs, arguing the consumer should not shoulder the cross-platform charges.

The bank-to-mobile money transfer charges were first suspended in March 2020 after the outbreak of Covid-19 pandemic.

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The free transfer service remained in force until December 31, 2022, when the Central Bank of Kenya lifted the moratorium citing an improved economic outlook.

CFC Stanbic and NCBA were among banks that complied with the January court directive on Wednesday.