I&M Bank has permanently dropped fees for transferring cash between its platform and mobile wallets.
“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,” I&M general manager for digital business Michael Mwangi said.
“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.”
The Central Bank of Kenya had, on December 6, 2022, granted banks the green light to reinstate charges effectively on January 1, 2023.
The charges were waived on March 16, 2020, as part of the emergency measures to facilitate the use of mobile money at the height of the Covid-19 pandemic.