NAIROBI, Kenya, Mar 28 – I&M Bank has stopped the Bank to MPesa and Airtel Money waivers for businesses due to an error.
Last month, the bank waived Bank to MPesa charges for all personal transaction accounts, offering reprieve to customers who had been complaining of high transaction charges.
However, it says that business transactions were erroneously included into the waiver between February 15, 2023, and March 23, 2023.
Business charges were reinstated on March 24, 2023, nonetheless.
“We would like to inform you that the bank waived Bank to M-PESA and Airtel Money on 14th February for all Personal Transaction accounts only,” the Banks said in a statement.
“The Business transactions accounts were erroneously not charged between February 15th and March 23rd 2023 and the charges were re-instated on Friday, 24th March 2023.”
It became the first lender in Kenya to offer zero fees on Bank to MPesa and Airtel Money transactions after the Central Bank of Kenya introduced the charges in January 2023.
CBK reinstated charges on the transfer of funds from banks to MPesa wallets, representing a win for financial institutions that had been urging for reinstatement.
On March 16, 2020, the government waived charges as part of an emergency plan to encourage mobile money transactions at the height of Covid-19 pandemic.
“We apologise for the inconvenience caused.”
