I&M Bank Kenya has announced that it will not be charging its customers when they make transactions from their accounts to their (or other people’s) mobile money wallets.
The bank is making that possible for M-Pesa and Airtel Money users and working on availing the same to Telkom Kenya T-Kash users.
Bank-to-mobile money and vice-versa transaction charges were re-introduced in January 2023 after a nearly 3-year suspension. They had been set aside as part of government efforts to offer some respite in the wake of the pandemic.
We have officially waived Bank to M-PESA charges from our digital banking platform – I&M On The Go (OTG) #NiSareKabisa pic.twitter.com/XZZfskNfbZ
— I&M Bank Kenya (@imbankke) February 15, 2023
Our customer feedback showed that as much as our transaction rates were favourable, there was an opportunity to review our policies on bank to mobile money wallet charges (M-PESA and Airtel Money) for the digitally active customer. #NiSareKabisa
— I&M Bank Kenya (@imbankke) February 15, 2023
This is informed by consumer insight on the high cost of living and will offer new to bank and existing customers, some relief during the tough economic times.
— I&M Bank Kenya (@imbankke) February 15, 2023
This move is in line with our current iMara 2.0 strategy which is to enhance our digital banking solutions to meet the needs of our customers. As promised, #WeAreOnYourSide
— I&M Bank Kenya (@imbankke) February 15, 2023
“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. 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,” I&M Bank’s General Manager for Digital Business, Michael Mwangi, said.
