NAIROBI, Kenya, April 16 – Standard Chartered Bank will impose fees on real-time gross settlement (RTGS) transfers made through its SC Mobile App or Online Banking Portal starting April 22, 2024.
The charges outlined in the bank’s tariff guide are Sh500.00 for RTGS transfers in Kenyan shillings, £3.5 for transfers in British Pounds, $5 for transfers in US Dollars, and €4 for transfers in Euros.
“Kindly note that the above transaction charges do not include relevant government duties and taxes that may apply,” the bank stated.
This comes even after the I&M Bank recently extended free M-Pesa and Airtel Money transfers to sole business owners, aiming to support small businesses and enhance financial inclusion.
I&M Bank Kenya CEO Gul Khan, in a statement, emphasized the significance of supporting small businesses.
“Small business owners are the heartbeat of the economy and they contribute to over 80% of the employment in the country,” Ben Muhati, Chairperson of the MSME Alliance, stated earlier.
