Safaricom is seeking to reinstate charges on bank to mobile-money transactions, even as it looks to soon hold talks with the Central Bank of Kenya (CBK) on the same.
Safaricom Chief Executive Peter Ndegwa in an interview with the Standard said the charges could be reinstated at a lower rate, just as it happened with the charges on transactions of KES 1,000 and below, which had also been waived but were later restored.
The free bank-to-mobile money wallet transactions was one of the emergency measures introduced by CBK on March 16, 2020 to encourage the use of mobile money instead of cash as a means of curbing the spread of COVID-19.
With the waiver of fees for transfer, Safaricom’s M-Pesa lost KES 6 billion, with many banks also reporting a drop on non-funded income in 2020, which includes fees and commissions, owing to the free bank-to-wallet transfers.
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