COVID-19 MEASURES

Absa Bank waives fees on cashless transactions

In Summary
  • Customers can also deposit up to Sh150, 000 per day through the mobile wallet, Timiza.
  • The apex bank announced a raft of measures to facilitate increased use of mobile money transactions instead of cash.
Absa Bank Kenya MD Jeremy Awori, board member Winnie Auma, Gender CS Margret Kobia and Stanford University Global regional director Patricia Ithau
Absa Bank Kenya MD Jeremy Awori, board member Winnie Auma, Gender CS Margret Kobia and Stanford University Global regional director Patricia Ithau
Image: Douglas Okiddy

Absa Bank Kenya has waived transaction fees for most of its services in a bid to aid the cashless economy to reduce the risk of coronavirus infections.

‘’We strongly encourage our customers to use cashless transactions to further reduce the risk of infection. In order to make it easier for them, we have made a raft of changes on our prepositions,’’ the lender said.

In a statement to media houses, the lender said it would give 0.3 per cent cashback every time the customer uses Absa debit card starting March 25. The cashback will be paid to the customers’ current accounts every month for the next year.

Absa Bank Kenya has also waived fees on a mobile money transfer between mobile wallets and banks until June 30. Customers can also deposit up to Sh150, 000 per day through the banks' mobile wallet, Timiza.

In order to support the transfer of large amounts of money below Sh1 million, the bank has waived all transactions charged on Pesalink transactions until April end of next month.

The move by Absa is coming just a day after the Central Bank of Kenya (CBK) held a meeting with both public and private monitory agents, pleading with them to support a cashless system after the country recorded cases of coronavirus.

The apex bank announced a raft of measures to facilitate increased use of mobile money transactions instead of cash.

This follows President Uhuru Kenyatta’s appeal to Kenyans on Sunday to use mobile money and card payments instead of hard currency to guard against the spread of coronavirus.