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Transactional Fee from Bank to M-Pesa in 2023

Transactional Fee from Bank to M-Pesa in 2023

Kenyan Banks will charge customers a transactional fee (plus excise duty of 20%) when moving funds from their bank to M-Pesa and Airtel Money mobile money wallets

Mobile Money wallets will also charge fees when moving cash from the wallets to bank accounts. That means the zero-rated transfer of cash we’ve enjoyed is going away. 2023 is gearing up to be an expensive year.

It seems different banks will charge different fees. We’d expected a standard fee, but from the different tweets and social media posts we are seeing, that will not be the case.

It’s also not clear whether or not the different rates we’ve seen announced include the 20% excise fee (or if the excise fee is charged on the amount you actually transact, making it vary with each transaction).

We already covered the transaction charges you can expect from Family Bank here. In this article, we are going to try and compile every single bank who’ve shared its costs.

Let’s go:

KCB Bank Transactional Fee:

KCB’s charges are the highest we’ve seen shared online.

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

Family Bank Transactional Fee:

Family banks have an extra row of between KES 15,000 to KES 20,000, and between KES 20,000 to KES 150,000. This is unlike other banks.

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 Transactional Fee:

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 Transactional Fee of Kenya:

National Bank has 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 Transactional Fee:

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 Transactional Fee:

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 Transactional Fee:

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

Other banks:

Please share down below, or through socials, what your respective banks will be charging.

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Written by The County Info

Amos is an experienced SEO expert. He has an interest in finance, IT, business ideas, and investments. He has also contributed to many global web portals.

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