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.