This article shows the new I&M Bank to M-Pesa transaction charges after the reinstatement of the charges by the Central Bank of Kenya. I&M Bank is one of the leading financial institutions in Eastern Africa operating in different countries including Kenya.
In 2020, I&M was among the financial institutions that waived the bank-to-mobile wallet transaction charges. The waiver was announced by the Central Bank of Kenya in March 2020, the move was aimed at helping Kenyans embrace mobile money in selling and buying goods and services during the Corona period.
Since 2020, the charges were never reinstated until the fall of 2022, when the Central Bank of Kenya boss announced the charges were going be reinstated starting January 2023.
CBK made the move after the financial institution reached out to them on the matter and they responded positively. Following the announcement every transaction exceeding 100Ksh that you’ll make from bank to mobile will attract a transaction fee.
The transaction charges are not something new since it has been there since the inception of the bank-to-mobile transaction. However, the current charges are slightly different compared to the previous charges.
Additionally, not all banks are charging the same charges, different banks are charging different rates for the transaction including I&M Bank. However, despite having differences in charges the margin ranges from 1 or 2 Ksh in any amount transacted.
The directive of reinstating the charges will also apply to Mpesa to bank transactions. Now depositing cash to your bank account will attract a fee also, this has raised questions, especially for people who are in saving mode as they’ll have to bear the cost of saving through mobile-to-bank transactions.
Below are the charges from I&M bank to M-pesa Charges
I&M Bank to M-Pesa Charges
Amount In Ksh Charges in Ksh
1-100 0
101-500 10
501-1000 12
1001-1500 14
1501-2500 23
2501-3500 33
3501-5000 43
5001-7500 55
7501-20,000 65
20,001-150,000 65
The above charges will apply only on the bank to personal m-pesa accounts. However, when buying something from the bank through a paybill the charges are different and they are slightly higher. Below are the charges from the bank to the paybill number.
Amount In Ksh Charges in Ksh
1-49 17
50-100 18
101-499 48
500-999 53
1000-1499 80
1500-2499 87
2500-4999 114
5000-9999 143
10,000-34,999 170
35,000-49,999 260
Please note, the charges might differ from other banks.