Kenya: Central Bank adopted Circular No. 6 on resumption of charges for transfers between mobile money wallets and bank accounts

On 5 December 2022, the Central Bank of Kenya (CBK) issued Banking Circular No. 6 of 2022 on the Resumption of charges for transfers between mobile money wallets and bank accounts, starting from 1 January 2023. The purpose of the circular is to advise banks on the expiry of the emergency measure that had eliminated charges due to the COVID-19 pandemic until 31 December 2022 and to outline the new, reduced charging structure. Banks are instructed to apply to the CBK for the resumption of these charges, notify their customers of the changes, and ensure that the new charges are clearly displayed and communicated. The circular includes an annexe detailing the maximum bank charges for transactions between banks and payment service providers (mobile wallets).