Cost of sending mobile cash up, bank transfers to fall
Nairobi, May 4 -- The cost of sending money through mobile services such as Safaricom's M-Pesa looks set to increase while charges for bank transfers are expected to fall with a review of taxes.
The proposed changes contained in the Finance Bill seek to raise the excise duty on money transfer services by telcos from 12 percent to 15 percent in a move that will push prices upwards.
President William Ruto's administration is, however, seeking to lower the excise duty on fees charged for money transfer services by banks from 20 percent to 15 percent and cut the cost of telephone and Internet data by the same rates.
The cost of bank transfers rose last year following the lapse of a waiver that the Central Bank of Kenya had put in place fro...
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