Kenyans online engaged in complaints over the charges levelled against their accounts by the third biggest lender in Kenya.
Coop-Bank was exposed charging clients a total of Sh22 to buy Safaricom credit worth Sh10.
Deductions include a Sh10 for the airtime, Sh10 (bank charges) and Sh2 (excise duty).
It comes after MPs increased excise duty on airtime and data to 20 percent from 15 percent, which is expected to earn the Government Sh8 billion from operators such as Safaricom, Telkom and Airtel.
Clients have been voicing oppositions over high charges, coming at a time when a majority of them are facing tough economic challenges induced by the coronavirus.
This comes after the Central Bank of Kenya (CBK) reinstated charges on transfer of funds from Banks to MPesa wallets, representing a win for financial institutions.
On March 16 2020, the Government waived charged as part of an emergency plan to encourage mobile money transaction at the height of Covid-19 pandemic.
“The revised maximum charges for transfers from bank accounts to mobile money wallets will be reduced by on average up to 61 percent, and mobile money wallet to bank account by on average up to 47 percent,” the regulator said earlier.
“Tariffs for paybills that are used to collect and disburse funds by businesses, companies and institutions will be reduced on average 50 percent while charges levied by banks for banks to mobile money transactions will be reduced by on average 45 percent,” it added.
Cooperative bank have an admirable consistency with those hidden charges
— kelvin wachira (@kelvinw_BIG) January 5, 2023
