Bank Charges to move Cash to M-Pesa in 2023

Starting January 2023, Kenyan Banks started charging its customers a fee (plus excise duty of 20%) when moving funds from their bank to M-Pesa and Airtel Money mobile money wallets. Mobile Money wallets also charged fees when moving cash from the wallets to bank accounts. That means the zero-rated transfer of cash we’ve enjoyed has gone away.

KCB Bank transfer to M-Pesa Charges:

These have been updated based on new information shared by KCB online.

AMOUNT TRANSACTED BANK TO MOBILE MONEY CHARGES
1 – 100 0
101 – 500 11.20
501 – 1,000 13.60
1,001 – 1,500 16
1,501 – 2,500 26
2,501 – 3,500 38
3,501 – 5,000 50
5,001 – 7,500 64
7,501 – 20,000 76
20,000 – 150,000 78

Family Bank transfer to M-Pesa and Airtel Money Charges:

Family bank 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 TRANSACTED BANK TO M-PESA CHARGES BANK TO AIRTEL MONEY CHARGES
1 – 100 0 0
101 – 500 10 11
501 – 1,000 12 13
1,001 – 1,500 14 20
1,501 – 2,500 23 25
2,501 – 3,500 33 35
3,501 – 5,000 43 45
5,001 – 7,500 55 55
7,501 – 10,000 55 55
10,001 – 15,000 65 65
15,001 – 20,000 65 65
20,001 – 150,000 67 65

Stanchart Bank transfer to Mobile Money Charges:

Standard Chartered and DTB have fairly similar charges.

AMOUNT TRANSACTED BANK TO MOBILE MONEY CHARGES
1 – 100 0
101 – 500 11
501 – 1,000 15
1,001 – 1,500 18
1,501 – 2,500 25
2,501 – 3,500 35
3,501 – 5,000 47
5,001 – 7,500 57
7,501 – 20,000 67
20,000 – 150,000 70

National Bank of Kenya transfer to M-Pesa and Airtel Money Charges:

National Bank have broken down the charges quite well showing that both the bank and the telco are benefiting from each transaction.

AMOUNT TRANSACTED BANK TO M-PESA CHARGES BANK TO AIRTEL MONEY CHARGES
1 – 100 0 0
101 – 500 10 11
501 – 1,000 12 13
1,001 – 1,500 14 20
1,501 – 2,500 23 25
2,501 – 3,500 33 35
3,501 – 5,000 43 45
5,001 – 7,500 55 55
7,501 – 20,000 60 60
20,000 – 150,000 67 65

Equity Bank transfer to M-Pesa Charges:

Equity has made it clear that these charges are exclusive of government taxes. Which means the charges could be higher.

AMOUNT TRANSACTED BANK TO M-PESA CHARGES BANK TO AIRTEL MONEY CHARGES
1 – 100 0 0
101 – 500 10 11
501 – 1,000 12 13
1,001 – 1,500 14 20
1,501 – 2,500 23 25
2,501 – 3,500 33 35
3,501 – 5,000 43 45
5,001 – 7,500 55 55
7,501 – 20,000 65 65
20,000 – 150,000 67 65

Diamond Trust Bank transfer to M-Pesa cost:

Here are the DTB charges:

AMOUNT TRANSACTED BANK TO MOBILE MONEY CHARGES
1 – 100 0
101 – 500 11
501 – 1,000 15
1,001 – 1,500 18
1,501 – 2,500 25
2,501 – 3,500 35
3,501 – 5,000 47
5,001 – 7,500 57
7,501 – 20,000 67
20,000 – 150,000 70

NCBA Bank transfer to M-Pesa cost:

It isn’t clear if these will be the same charges for people using NCBA Loop accounts.

AMOUNT TRANSACTED BANK TO M-PESA CHARGES BANK TO AIRTEL MONEY CHARGES
1 – 100 0 0
101 – 500 10 11
501 – 1,000 12 18
1,001 – 1,500 14 20
1,501 – 2,500 23 25
2,501 – 3,500 33 35
3,501 – 5,000 43 45
5,001 – 7,500 55 55
7,501 – 20,000 65 65
20,000 – 150,000 67 65

Stanbic Bank Charges to M-Pesa:

These charges are also not inclusive of the 20% excise duty:

AMOUNT TRANSACTED BANK TO MOBILE MONEY CHARGES
1 – 100 0
101 – 500 11
501 – 1,000 15
1,001 – 1,500 18
1,501 – 2,500 25
2,501 – 3,500 35
3,501 – 5,000 47
5,001 – 7,500 57
7,501 – 20,000 67
20,000 – 150,000 70

I&M Bank charges to mobile money:

Here are the fees you will pay (excluding excise duty) when transferring cash from your I&M bank to mobile money:

TRANSACTION AMOUNT CHARGES TO MOBILE MONEY
1 – 100 0
101 – 500 10
501 – 1,000 12
1,001 – 1,500 14
1,501 – 2,500 23
2,501 – 3,500 33
3,501 – 5,000 43
5,001 – 7,500 55
7,501 – 20,000 65
20,001 – 150,000 65

Cooperative Bank transfer to M-Pesa charges:

This bank has apparently been charging customers for M-Pesa transfers all along. So the rates might only now be a little cheaper, or perhaps the same. (Update: the bank has shared information on the new rates, exclusive of the 20% excise duty)

AMOUNT CHARGES TO MOBILE MONEY
0 – 100 0
101 – 500 20
501 – 2,500 24
2,501 – 7,500 28
7,501 – 20,000 36
20,001 – 30,000 40
30,001 – 70,000 50

Absa Bank charges to send to M-Pesa:

It’s not yet clear what Absa will charge, as they’re only replying to tweets of asked amounts. They’ve not shared a full breakdown. Based on the tweets, this is what we have:

AMOUNT CHARGES TO MOBILE MONEY
1 – 100 0
101 – 500 11
501 – 1,000 15
1,001 – 1,500 18
1,501 – 2,500 25
2,501 – 3,500 35
3,501 – 5,000 47
5,001 – 7,500 57
7,501 – 20,000 67
20,001 – 150,000 70

Other banks:

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

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