After a two-year stint of enjoying free bank-to-mobile wallet transactions, CBK has finally reinstated the fees, and now any transaction you make above 100 bob will attract a transaction fee. In this article, we focus on the new KCB to Mpesa transaction charges and we also compare the new and the old transactions Charges.
CBK made the announcement in the fall of 2022 and the directives took effect as of January 1st, 2023. The transaction charges were dropped in 2020 after Covid-19 landed in the country and one of the safety measures was to use mobile money to pay for different services and goods.
In order to achieve this CBK announced that bank-to-mobile transactions were off until the situation got better and two years down the line the charges are back. However, following the announcement numerous individuals have complained that the current charges are quite higher compared to the previous ones.
A point to note different banks have different transaction policies, well some banks may have increased the fee and some might have actually reduced the charges. To clear things up, in this article we will cover the new and the old bank-mobile transaction for Kenya Commercial Bank (KCB). Please note the below transaction charges only applies to KCB- Mpesa transaction only.
KCB to Mpesa Old Charges
Amount in Ksh Amount Charges in Ksh
1 – 100 54.32
101 – 500 54.32
501 – 1,000 54.32
1,001 – 1,500 62.88
1,501 – 2,500 62.88
3,501 – 5,000 62.88
5,001 – 7,500 62.88
7,501 – 20,000 62.88
20,001 – 150,000 62.88
KCB to Mpesa New Charges
Well for new charges there are slight changes but in equal measures, there is a decrease and increase at the same time. Lower amounts have reduced transaction changes while the huge transaction has been increased with a small margin compared to the previous ones.
Amount in Ksh Charges in Ksh
1 – 100 0
101 – 500 11.2
501 – 1,000 13.60
1,001 – 1,500 16
1,501 – 2,500 26
2,501 – 3,500 38
3,501 – 5,000 50
5,001 – 7,500 64
7,501 – 20,000 76
20,001 – 150,000 78
On an additional note, as it was a norm to send money from a mobile wallet to a bank account for free, these transactions will also attract some charges. The directives go hand in hand with bank-to-mobile wallet transactions.
Conclusion
As we conclude, is it the right time to go back to mattress banking? Well, looking at the bigger picture of banking it’s more secure than having a substantial amount under your mattress.
Despite the huge number of financial institutions in Kenya, KCB is one of the banks with friendly charges judging from their recent fee chart.
Read Also
- How to transfer money from M-PESA to a KCB account
- How To Transfer Money From M-pesa To NCBA Bank Account.
- How to transfer money from M-Pesa to Equity Bank
- How To Transfer Money from M-pesa to a Co-op Bank Account.