Kenya Plans To Slash Mobile Money Transaction Fees
CBK is moving to slash the cost of mobile money transfers in a sweeping effort to reignite financial inclusion in Kenya..
✨ Key Highlights
The Central Bank of Kenya (CBK) plans to significantly reduce mobile money transaction fees, aiming to reignite financial inclusion and broaden participation in the digital economy. This initiative is detailed in the draft National Financial Inclusion Strategy 2025 – 2028, which seeks to address the stagnation in new mobile money users despite rising transaction volumes.
- The goal is to lower the average transaction fee from KSh 23 in 2024 to KSh 10 by 2028.
- The initiative will be guided by a 14-member National Financial Inclusion Council, chaired by the Treasury’s principal secretary.
- The CBK has invited public comments on the draft strategy, with the deadline for submission on Thursday 9th October.
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CBK Proposes Cutting Mobile Money Fees and Raising Compensation Limits for Depositors - September 2025
The Central Bank of Kenya (CBK) plans to significantly reduce mobile money transaction fees, as detailed in the draft National Financial Inclusion Strategy 2025–2028. The proposal targets a 130% cut by 2028, which would lower charges from Sh23 to Sh10 per transaction. This initiative aims to reignite financial inclusion and broaden participation in the digital economy, addressing a stagnation in new mobile money users. Separately, Kenya is set to increase compensation limits for policyholders and depositors. This move is intended to strengthen trust in the financial sector and enhance safety nets for consumers of financial instruments amidst rising fraud and cyberattacks.
