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Banks Start Implementing 20% Levy On Cashless Transactions

Banks have already started implementing the 20 percent levy increment on cashless transactions that was passed in the Finance Act 2018.

Among the banks that have pioneered the implementation is Kenya Commercial Bank that sent a message to its customers last night informing them of the changes, that took effect yesterday.

“Dear Customer, effective today 25/9/18 and in line with the Finance Act 2018, Excise Duty charged on all bank transaction fees has increased from 10% to 20%,” read the message from KCB.

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On the other hand, the Cooperative Bank of Kenya has also sent its customers messages asking them to update their apps to avoid interruption of service before the end of today. Their terms and conditions of service were updated on the apps, to be in line with the new charges.

“Dear customer, to avoid service interruption as from 6pm today, kindly update your Mcoopcash Android application immediately,” read a message from Cooperative Bank to its customers.

Equity Bank has also implemented the levy by updating the terms and conditions on its mobile app.

It is also expected that mobile money service providers will implement the levy in line with the Act.

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Francis Muli

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.
Email: mulifranc2@gmail.com

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