I&M Bank has permanently dropped levy fees for transferring cash between its platform and mobile wallets.
The move will save I&M customers between Sh10 and Sh65, the range the lender was charging after the Central Bank of Kenya (CBK) announced a return of charges on transactions between banks and mobile money wallets.
The CBK had temporarily stopped the charges from mid-March 2020 in a bid to lower the risk of Covid-19 infections by encouraging cashless transactions but reinstated the charges in January.
The waiver makes I&M the first lender in Kenya to officially offer zero fees for bank to M-Pesa and Airtel Money transactions. The lender said it would extend the waiver to T-Kash transactions for Telkom users.
The lender had cut the charges from the pre-Covid range of Sh12 to Sh84 to between Sh10 and Sh65, in line with CBK guidelines, but has now decided to do away with the charges entirely.
I&M general manager for digital business Michael Mwangi said the waiver is aimed at supporting the customers transacting on its digital platforms.
“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,” said Mr Mwangi.
“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.”
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