The Central Bank of Kenya reintroduced transaction charges for mobile money wallet and bank account transactions effective 1st January 2023. These charges had been waived on March 16, 2020 as part of a raft of emergency measures in response to the Covid-19 pandemic.
The banks restored the charges accordingly, however, the actual rates vary from bank to bank. This should come as no surprise, since bank fees are one of the primary mediums by which commercial banks make their revenue. Consequently, each bank has a unique tariff regime for their bank to mobile money wallet transactions.
As is the norm, most banks have published these tariffs on their websites for their customers to refer to. In the case of Equity group, however, the published charges are incomplete as they don’t include the 20% excise duty levied by the government.
Here are the complete Equity to MPESA charges for transferring money from an Equity account to Safaricom’s M-PESA mobile wallet.
Equity to M-PESA Transaction Charges
| Transfer Amount (KES) | Bank Charge (KES) | |
| From | To | To M-Pesa |
| 1 | 100 | 0 |
| 101 | 500 | 11.90 |
| 501 | 1000 | 14.20 |
| 1001 | 1500 | 16.50 |
| 1501 | 2500 | 26.25 |
| 2501 | 3500 | 37.75 |
| 3501 | 5000 | 49.25 |
| 5001 | 7500 | 62.75 |
| 7501 | 20000 | 74.25 |
| 20001 | 150000 | 76.25 |
Note:
- The above charges are as of February 5th 2024.
- An SMS notification charge of KES 2.26 is charged separately for each transaction. You can however disable SMS notifications in the app’s / equity online settings to avoid this extra charge.