Kenyan banks have increased all transaction fees by 10%.
In a move to align with the controversial Finance Act 2018, local bankers will now have to pay 10% more for all bank transactions.
Several banks have resulted to emergency notifications to their customers, notifying them of the increased charges. For instance, KCB Bank has been sending text messages to their clients:
Dear Customer, effective today 25/9/18 & in line with the Finance Act 2018, Excise Duty charged on all bank transaction fees has increased from 10% to 20%
Other banks following suit are Cooperative Bank of Kenya and Equity, who have updated the terms and conditions in their mobile apps. They then send messages to their clients requesting them to update their apps before 26th September to continue enjoying their services. Upon updates, all clients agree to the terms and conditions of the bank, hence their consent of the increament.
Dear customer, to avoid service interruption as from 6pm today, kindly update your Mcoopcash android Application immediately.
This comes at a time when the larger population of Kenya are groaning under the burden of increased cost of living and hiked fuel prices, following the imposed 8% fuel tax.