I&M Bank has suspended the Bank to MPesa and Airtel Money waivers for businesses due to an error.

Last month, the bank waived Bank to MPesa charges for all personal transaction accounts, offering a reprieve to customers who had been complaining of high transaction charges.

However, it says that business transactions were erroneously included in the waiver between February 15, 2023, and March 23, 2023.

Business charges were reinstated on March 24, 2023, nonetheless.

“We would like to inform you that the bank waived Bank to M-PESA and Airtel Money on 14th February for all Personal Transaction accounts only,” the Banks said in a statement.

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“The Business transactions accounts were erroneously not charged between February 15th and March 23rd 2023 and the charges were re-instated on Friday, 24th March 2023.”

With the Central Bank of Kenya's introduction of the fees in January 2023, it became the first lender in Kenya to offer zero costs on Bank to MPesa and Airtel Money transfers.

Financial firms that had pushed for reinstatement won when CBK reintroduced fees for transferring money from banks to MPesa wallets.

As part of an emergency effort to promote mobile money transactions amid the height of the Covid-19 outbreak, the government reduced fees on March 16, 2020.

“We apologise for the inconvenience caused.”