NAIROBI, Kenya, Feb 15 – I&M Bank has waived Bank to Mpesa charges, offering reprieve to customers who have been complaining of high transaction charges.
The waiver will apply on it digital banking platform ‘I&M On The Go (OTG)’ to mobile money wallets.
It becomes the first lender in Kenya to offer zero fees on Bank to Mpesa and Airtel Money transactions after the Central Bank of Kenya introduce the charged in January 2023.
It will roll the offer to Telkom’s T-Kash later.
“As part of our approach to service delivery, recent customer feedback showed that as much as our transaction rates are favourable, there was an opportunity to review our policies on bank to mobile money wallet charges for the digitally active customer,” I&M Digital Business General Manager Michael Mwangi said.
“We believe this move will offer new and existing customers a huge relief during tough economic times and encourage more customers to transact on mobile,” he added.
CBK reinstated charges on transfer of funds from Banks to MPesa wallets, representing a win for financial institutions who had been urging for reinstatement.
On March 16 2020, the Government waived charges as part of an emergency plan to encourage mobile money transaction at the height of Covid-19 pandemic.
“A key focus for the bank since the launch of our current iMara 2.0 strategy is to enhance our digital banking solutions to meet the needs of our customers,” Mwangi said.
“We look forward to seeing these numbers grow with digital transactions gaining favour among our digitally active customers.”
