The Central Bank of Kenya has announced that it will start charging fees for bank-to-mobile money transfers on January 1, 2023. This decision comes after the financial industry in Kenya requested that the fees, which were previously suspended during the COVID-19 pandemic, be reinstated.
As a result, the service of free transfers to mobile money wallets will no longer be available as of the new year and will now be subject to a transactional fee. NCBA Bank has provided specific fees for these transactions. This change may have significant implications for individuals and businesses in Kenya who rely on mobile money for financial transactions.
Mobile money has become an important part of the financial landscape in Kenya, with many people using it as a convenient and accessible way to send and receive money, pay bills, and make purchases. The introduction of fees for bank-to-mobile money transfers may affect the way that people use mobile money and may lead to an increase in the cost of financial transactions. It is not yet clear how these fees will be received by the public or how they will impact the use of mobile money in the country.
| Tariffs (KES) | To M-PESA in KES | To Airtel Money in KES |
| 1-100 | 0 | 0 |
| 101-500 | 10 | 11 |
| 501-1000 | 12 | 18 |
| 1001-1500 | 14 | 20 |
| 1501-2500 | 23 | 25 |
| 2501-3500 | 33 | 35 |
| 3501-5000 | 43 | 45 |
| 5001-7500 | 55 | 55 |
| 7501-20,000 | 65 | 65 |
| 20,001-150,500 | 67 | 65 |
NCBA Bank Kenya is one of the largest commercial banks in the country, providing a wide range of financial services to customers across Kenya.
History
NCBA Bank Kenya was formed in 2019 from the merger of NIC Bank and Commercial Bank of Africa (CBA). The newly combined bank became the third-largest bank in Kenya by assets.
NIC Bank was founded in 1959 as the National Industrial Credit Finance Corporation. It was later rebranded to NIC Bank in 2003. CBA began operations in 1962 as a joint venture between American Express and local partners. The merger brought together the strengths of these two banks under the NCBA brand.
Products and Services
NCBA Bank Kenya offers a full suite of banking solutions including:
- Savings accounts
- Current accounts
- Mobile and internet banking
- Loans – personal, mortgage, business, agribusiness, asset finance
- Credit cards
- Trade finance
- Forex services
- Diaspora banking
- Insurance services
- Investment and wealth management
The bank leverages technology to provide convenient solutions like online account opening, mobile banking, and instant loans through mobile phones. Its digital capabilities make banking seamless for customers.
Branch Network
NCBA Bank has an extensive network of over 110 branches and over 250 ATMs spread across Kenya. It aims to be accessible to customers across the country, especially in rural areas underserved by financial services.
Along with physical branches, the bank has deployed over 15,000 agents that facilitate transactions via mobile phones and POS devices. This agency banking model has deepened financial inclusion in Kenya.
Financial Performance
As of June 2021, NCBA reported total assets of KES 552 billion. It has over 6 million customers and more than 1,400 employees. The bank has seen steady growth in deposits, assets, loans, and profits in recent years. NCBA Group has operations across Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast.
Looking Ahead
NCBA Bank Kenya continues to innovate digital financial solutions for customers as a forward-thinking industry leader. It is focused on supporting personal and business banking needs to help Kenyans achieve their financial goals. With its extensive reach, product diversity and technology infrastructure, NCBA is well-positioned to provide cutting-edge banking well into the future.
