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.

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

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:

Table of Contents

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

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

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

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://chapchap-market.com/

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

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9 Comments

Robertsays:
January 4, 2023 at 8:39 PM
Nbk my bae.
Reply
Lillysays:
January 3, 2023 at 7:55 PM
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
Reply
Misoisays:
January 2, 2023 at 1:17 PM
Thanks for the update atleast we’ve known which bank to save.
(This government)???
Reply
Johnson Kimanzi Musyasays:
January 2, 2023 at 11:41 AM
We were used to make free transactions but all in all we have to change with season
Reply
Puritysays:
January 2, 2023 at 1:29 AM
how did I do
Reply
Sally Oduorsays:
January 1, 2023 at 3:55 PM
What of from mobile money to bank charges
Reply
1. Samsays:
  January 1, 2023 at 8:33 PM
  Thank you for the update.
  Atleast we have known which bank saves your pocket thus good in saving.
  Reply
2. Callebsays:
  January 2, 2023 at 12:28 PM
  Mpesa almost halved their cost – but that’s dependent on your Mobile Carrier, not the bank.
  Reply
RMsays:
December 31, 2022 at 1:52 PM
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.
Reply