Today, the Central bank of Kenya announced the resumption of charges for transactions above Ksh 100 effected through inhouse bank wallets linked to SACCOs. Inhouse banking wallets refer to bank-owned wallets that facilitate mobile money and other financial services, often involving a third party tech provider.
A press release from the banking regulator says the resumption is necessary to maintain the viability of services between banks and SACCOs, which rely on mobile wallets for a larger share of their transactions.
Additionally, the reinstatement of the charges for transfers between banks and mobile money wallets will also provide space to increase the connection option for credit and savings societies.
CBK will review the charges in line with the principles of customer-centricity, transparency and disclosure, fairness and equity, choice and competition and affordability, announced on December 17.
In December, the central bank announced the expiry of waivers for mobile money transactions below Ksh 1000 introduced on March 16 to cushion individuals against the economic blows of COVID-19. Upon the announcement, the regulator hinted at reviewing mobile money tariffs and charges, which CBK will implement gradually.