The average cost per mobile money transaction in Kenya is approximately KES 23, and the Central Bank of Kenya is implementing policies to reduce this to KES 10 by 2028 to boost financial inclusion, as high fees remain a barrier to digital financial services. At the same time, a growing number of banks in Kenya are removing or reducing transaction charges on digital transfers, targeting customers who frequently move funds between accounts and mobile wallets. This shift is most visible in mobile and online banking, where lenders compete on cost, speed, and convenience.
- I&M Bank
I&M Bank Kenya has introduced a zero-fee structure under its “Ni Sare Kabisa” initiative, placing it among leading banks with zero transfer fees in Kenya. The bank’s zero transfer fees apply to transactions processed through the I&M On The Go (OTG) App and web platform. Customers can send money to M-Pesa and Airtel Money without incurring charges. Previously, these transfers cost between KES 10 and KES 65 depending on the amount.
The offer covers personal accounts such as PayGo and Club accounts, as well as business users under Solo Biz. Internal transfers between I&M accounts are also included in the zero transfer fees structure, alongside zero merchant charges for businesses using the bank’s paybill and till services.
- NCBA
NCBA Bank Kenya has structured its offering to include zero transfer fees primarily on internal account movements. Transfers between NCBA accounts, whether between a customer’s own accounts or to other NCBA users, are free via mobile and online banking. Incoming transfers in Kenyan shillings, including salaries and EFTs, are also processed without charges.
Some accounts include a capped number of free transactions per month. Platinum Pay As You Go accounts offer 10 free transactions before a KES 30 charge applies, while business accounts provide between 15 and 100 free monthly transactions depending on the tier.
- Standard Chartered
Standard Chartered Kenya offers zero transfer fees across selected services, particularly through its mobile and online banking platforms. Transfers between Standard Chartered accounts are free when conducted digitally. Some account types also include free RTGS transfers to other banks when initiated online, expanding the bank’s zero transfer fees coverage beyond internal transactions.
For mobile money, transfers to M-Pesa or Airtel Money are free for amounts up to KES 100, with higher values subject to tiered pricing. The bank also extends zero transfer fees to certain international transactions, with accounts such as DigiSmart allowing free online telegraphic transfers.
- Equity Bank
Equity Bank Kenya continues to offer zero transfer fees within its internal ecosystem across mobile, USSD, and online platforms. Transfers between Equity accounts and between Equitel wallets are free. Business users can also move funds between personal and business accounts without charges, reinforcing the bank’s zero transfer fees structure.
Some secondary costs remain, such as SMS alerts priced at KES 2.26 per transaction, though customers can opt for email notifications to avoid these charges. The zero transfer fees policy also extends across Equity’s regional subsidiaries, allowing customers to move funds within East and Central Africa at low or no cost depending on the transaction type.
- Bank of Africa
Bank of Africa Kenya provides zero transfer fees for internal account transfers and incoming payments. Customers can move funds between BOA accounts via mobile or USSD without charges. Incoming wire transfers and RTGS payments are also processed without fees from the bank, forming part of its zero transfer fees offering.
While international transfers may still attract correspondent charges, several account types, such as Mwanariadha and Wakili Current Accounts, are structured to maximise zero transfer fees benefits.
- SBM Bank
SBM Bank Kenya has introduced zero transfer fees for small-value transactions through the PesaLink network. Transfers between KES 1 and KES 1,000 are free when initiated via the bank’s mobile or online platforms. These real-time transactions are processed instantly, positioning SBM among banks in Kenya with zero transfer fees for everyday payments.
- Ecobank
Ecobank Kenya offers zero transfer fees through its mobile app across multiple African markets. Customers can send money to mobile wallets such as M-Pesa and Airtel Money without charges within the same country. Internal transfers across Ecobank accounts are also free, reinforcing its zero transfer fees model.
The bank’s youth-focused platform, Fingo Africa, extends zero transfer fees further by offering free transfers to other users and mobile wallets, alongside no monthly fees or minimum balance requirements.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.