Standard Chartered Bank will impose fees on real-time gross settlement (RTGS) transfers made through its SC Mobile App or Online Banking Portal, effective April 22, 2024.
According to the charges outlined in the bank’s tariff guide, Kes 500.00 will be 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.”
This comes as Equity Bank has partnered with Mastercard, a global payment platform, to expand its money transfer services to over 30 countries.
The collaboration promotes financial inclusion by providing faster, more secure, cost-effective cross-border transactions through Mastercard cross-border services.
Mastercard Sub-Saharan Africa Division President Mark Elliot said the platform takes pride in providing innovative solutions that deliver the choice, security, and flexibility customers transacting from Kenya need.
“Mastercard is delighted to collaborate with Equity Bank to make this level of payment ingenuity a reality for Equity Bank customers, giving Mastercard an opportunity to bring millions of people from underserved communities into the financial and digital economy.”
The new partnership offers cost-effective international transactions with no landing fees, making it accessible and cost-effective for customers, aligning with the evolving payment landscape.
Stakeholders, including senders, will benefit from reduced costs and secure remittances through Mastercard’s global brand and delivery network.
“This collaboration underscores our commitment to providing accessible financial solutions that meet the evolving needs of our customers and solidifies our role in fostering inclusive growth across the region,” James Mwangi, Group Managing Director and CEO of Equity Group Holdings Plc, said.
