Co-op bank reverses M-Pesa transfer charges amid outcry

NAIROBI, Kenya, March 3 – Co-operative Bank of Kenya has announced a reversal of the Sh42 charge it had placed on money transfers from M-Pesa to accounts amid outcry from its customers.

The bank noted that it is also reversing all the money related to the charge that had been debited.

pic.twitter.com/JRof1IuL2i

— Co-op Bank Kenya (@Coopbankenya) March 3, 2022

This is after one Twitter user identified as David George had questioned the deductions sparking a debate among other Kenyans.

Hello David. Sorry for any inconvenience caused. The ledger fee is charged for deposits done via Paybill 400200. Each deposit from Mpesa is charged Ksh35 exclusive of excise duty. ^LN

— Co-op Bank Kenya (@Coopbankenya) March 2, 2022

Bank to Mobile transfers and vice versa have gained traction among Kenyans who opt to send money through M-Pesa Pay Bill number and/or withdraw money directly from their bank accounts.