I&M Bank has waived the usual Bank to Mpesa charges, offering free transactions to their customers.
The waiver will apply on its digital banking platform ‘I&M On The Go (OTG)’ to mobile money wallets.
It becomes the first lender in Kenya to offer zero fees on Bank to Mpesa and Airtel Money transactions after the Central Bank of Kenya introduce the charged in January 2023.
It will roll the offer to Telkom’s T-Kash later.
“As part of our approach to service delivery, recent customer feedback showed that as much as our transaction rates are favorable, there was an opportunity to review our policies on bank to mobile money wallet charges for the digitally active customer,” I&M Digital Business General Manager Michael Mwangi said.
“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,” he added.
The government had earlier removed bank to mobile charges as part of they plan to caution people from the effects and tough economic times caused by Covid 19.
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The Central Bank of Kenya however reinstated the charges which was a win for financial institutions.
“A key focus for the bank since the launch of our current iMara 2.0 strategy is to enhance our digital banking solutions to meet the needs of our customers,” Mwangi said.
“We look forward to seeing these numbers grow with digital transactions gaining Favour among our digitally active customers.”