I&M Bank waives bank to M-Pesa charges

I&M Bank has waived Bank to Mpesa charges, to  deepen its digital banking and offer reprieve to customers hit by high transaction charges. The waiver will apply on its digital banking platform On The Go  to mobile money wallets.

I&M is the first lender in Kenya to offer zero fees on Bank to Mpesa and Airtel Money transactions after the Central Bank of Kenya introduced the charges in January 2023.

Michael Mwangi, I&M Bank’s General Manager for Digital Business says the move was in response to customer feedback and the bank’s approach to service delivery.

“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,” said Mwangi.

“I&M Bank Kenya’s move to offer zero fees on Bank to Mobile Money Wallet transfers meets consumer needs and provides an affordable solution for its customers,” the bank said.

CBK reinstated charges on transfer of funds from Banks to MPesa wallets, representing a win for financial institutions who had been urging for reinstatement.

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