National Bank Of Kenya To M-Pesa Withdrawal Charges For 2023: A Comprehensive Guide for Mpesa And Airtel Money Wallets
Learn about the new mobile money withdrawal charges set by the National Bank of Kenya for 2023, and explore their mobile banking services through the NatMobile app.
The past decade has witnessed a significant shift in financial transactions in Kenya, particularly with the rise of mobile money platforms such as M-Pesa and Airtel Money. For many Kenyans, these platforms have evolved from being a convenience to a necessity. They've made it easy to send money, pay bills, and buy goods without a traditional bank account.
However, as we entered 2023, there was a significant change. The Central Bank of Kenya (CBK) declared that bank-to-mobile money transfers would no longer be accessible. This decision came following pressure from Kenya's financial industry to reintroduce these fees, suspended at the onset of the COVID-19 pandemic.
National Bank of Kenya's 2023 M-Pesa and Airtel Money Withdrawal Charges
One of the institutions adjusting to this change is the National Bank of Kenya (NBK), which has laid out its withdrawal fees to M-Pesa and Airtel Money wallets. These fees, however, don't apply to bank-to-bank transfers within NBK.
Here's the withdrawal charges breakdown for 2023:
Transaction Bands (Kshs) Transaction Charges (Kshs)
| Transaction Bands (Kshs) | Transaction Charges (Kshs) |
|---|---|
| 1 - 100 | Free |
| 101 - 500 | 10 |
| 501 - 1,000 | 12 |
| 1,001 - 1,500 | 14 |
| 1,501 - 2,500 | 23 |
| 2,501 - 3,500 | 33 |
| 3,501 - 5,000 | 43 |
| 5,001 - 7,500 | 55 |
| 7,501 - 20,000 | 60 |
| 20,001 - 150,000 | 67 |
Mobile Banking with the National Bank of Kenya
Despite the new charges, there's still a bright side. NBK offers its customers a unique mobile banking experience through NatMobile. Available via USSD (*625#) or the NatMobile app, this service ensures customers can manage their finances conveniently from their devices.
Some advantages of using NatMobile include the following:
- 24/7 Access: No need to worry about bank hours. Access your account anytime and anywhere.
- Convenience: Pay for utilities, buy airtime, and perform other transactions without the hassle of visiting a branch.
- Quick Loans: Need a short-term loan? NatMobile has got you covered.
- High Security: With robust authentication processes, your transactions on the app are well protected.
Services offered on NatMobile include balance inquiries, mobile money transfers, payments for services like DSTV and KPLC, airtime purchases, statement requests, funds transfers, account cash deposits, alerts, credit card management, and self-activation for iOS users.
Downloading the NatMobile App: A Step-by-Step Guide
To make use of NBK's excellent mobile banking services, follow these easy steps to download the NatMobile App:
For Android users:
- Ensure your device is connected to the internet.
- Open Google Play Store.
- Search for 'NatMobile.'
- Download and install the application.
- Activate the app with your mobile phone number and current mobile banking PIN.
For iOS users:
- Ensure your device is connected to the internet.
- Open the App Store and Search for 'NatMobile.'
- Download and install the application.
- To activate the app, dial *625# on your mobile device and follow the prompts.
READ ALSO: Mpesa to Equity: How to Send Money from Mpesa to Equity Bank Account
Conclusion
The evolution of mobile money has truly transformed how we handle financial transactions. As changes like reintroducing transfer fees become effective, staying informed becomes essential. By understanding how these changes affect you and exploring alternatives like the NatMobile app, you can easily navigate these shifts.
Remember, while the fees have increased, the convenience and benefits offered by platforms like NatMobile remain invaluable. Embrace the change, plan your transactions wisely, and enjoy the convenience of mobile money in Kenya.
FAQs
Q1: Are there any charges for bank-to-bank transfers within the National Bank of Kenya?
A: No, these charges only apply to transfers made to mobile money wallets such as M-Pesa and Airtel Money.
Q2: Is the NatMobile app available on both Android and iOS?
A: You can download the NatMobile app from the Google Play Store for Android and the App Store for iOS.
Q3: What services can I access via the NatMobile app?
A: Services include balance inquiries, mobile money transfers, payments for services, airtime purchases, statement requests, funds transfers, account cash deposits, alerts, credit card management, and more.
Q4: How secure is the NatMobile app?
A: NatMobile uses robust authentication processes to ensure the security of your transactions on the app.
Q5: Do the new withdrawal charges apply to all mobile money platforms?
A: The charges outlined in this article are specific to the National Bank of Kenya's withdrawals to M-Pesa and Airtel Money wallets.
Q6: How can I activate the NatMobile app after downloading it?
A: You can activate the app using your mobile phone number and current mobile banking PIN for Android. For iOS, dial *625# on your mobile device and follow the prompts.
Disclaimer:!!!
This article is for informational purposes only and does not constitute financial advice. Always consult with a professional for personalized advice. All data, including rates, fees, and charges, are accurate at the time of writing but may vary over time or due to policy changes.
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