Wednesday, July 24, 2024
HomeNewsBank to M-Pesa and vice-versa transaction charges suspended by Kenyan court

Bank to M-Pesa and vice-versa transaction charges suspended by Kenyan court

The return of bank to M-Pesa and vice-versa charges, which went into effect on 1st January, has been suspended.

The High Court of Kenya has issued the suspension following the application by an aggrieved user.

Judge Mugure Thande sitting at the Milimani court, has ordered both Safaricom and the Central Bank of Kenya, the financial services industry regulator, to suspend the charges levied every time one transfers money from their mobile money wallet (M-Pesa or competing services like Airtel Kenya’s Airtel Money and Telkom Kenya’s T-Kash) to their bank account and vice-versa until when the suit, filed by Moses Wafula, is heard.

Wafula’s suit is set for hearing on 23rd January 2023.

Kenya had suspended the said charges in March 2020 at the onset of the COVID-19 pandemic as a temporary relief to businesses and individuals from the effects of the pandemic.

Late last year, the Central Bank issued a communication announcing the return of the charges from the start of 2023. Additionally, it managed to get the various players to lower their charges.

Check out the various transaction charges being levied by banks here. Check out the charges levied by Safaricom for the same here.

SourceThe Star
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST