More people started withdrawing to pay cash
to reduce their transaction costs.
Now, I&M Bank has permanently dropped levy fees
for transferring cash between its platform and mobile wallets, bucking the
trend in the sector that has been reinstating the charges since January
amid customer outcry. The move will save I&M customers between Sh10 and
Sh65, the range the lender was charging after the Central Bank of Kenya
(CBK) announced a return of charges on transactions between banks and
mobile money wallets.
Is the market adopting to consumer behaviour and correcting itself? What
will the future look like on the cost of digital cash transfer charges?
Mwendwa Kivuva, Nairobi, Kenya