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UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today EXCLUSIVE 1

Steve Oke Chapchap Market No Comments

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today EXCLUSIVE 1
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Starting January 2023, Kenyan Banks are charging 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 will also charge fees when moving cash from the wallets to bank accounts.

That means the zero-rated transfer of cash we’ve enjoyed is going away. 2023 is gearing to be an expensive year.

It seems different banks will charge different fees. We’d expected a standard fee, but from the different tweets and social media posts we are seeing, that will not be the case.

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It’s also not clear whether or not the different rates we’ve seen announced include the 20% excise fee (or if the excise fee is charged on the amount you actually transact, making it vary with each transaction).

-UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

We already covered the transaction charges you can expect from NCBA Bank here. In this article we are going to try and compile every single bank who’ve shared their costs.

Let’s go:

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.

-UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today 1

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

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:

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

-UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today 1

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

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:

-UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today 1

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

Please share down below, or through socials, what your respective banks will be charging. Remember these take effect from midnight. For information go-to https://www.chapchapmarket.co.ke/

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today

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UPDATED: What All Banks Charge to transfer Cash from Banks to M-Pesa Today
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9 Comments

  1. Hi. Yes, Coop has been charging as all through for sending Money from Bank to Mpesa. But I have just discovered they are also charging us to Deposit money to the Coop Bank Accounts. 8k they charge 46bob, 22k charging 65 bob…. Please let me know the banks that are not charging to deposit money using Paybill to the Bank Account

  2. Nice information.It would be great to have a conclusion of which bank is thus a better bet to save some bucks if someone wants to synthesize all the information written.

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