Mobile Money To Bank Account Transfers Fees reviewed – Too Much For Users To Bear

Last Updated on August 15, 2022 by KWS Adams

When telephone service providers introduced the mobile money to bank account funds transfer services, many end users were like wow, we have got it done due to the expected benefits which were thought to be associated without considering the fees and rates at which such transactions were to be associated.

I myself as an MTN Mobile telecommunication user was very glad to learn of the new services and I can admit how I must have been among those very first to use the mobile money funds direct transfers to my bank account number in one of the local banks. But guess what, the love I had about using such a service was made to be questionable until to-date after I was charged more than any one would imagine just to have a few shillings transacted from my mobile money account to my Centenary bank.

The worst thing is that the Banks say and share with customers how the mobile-money to bank-account deposits are free yet one is made to pay much more than it is when one withdraws and banks directly through the ATM point or even in the banking hall for example, depositing of 60,000 shillings from your mobile-money to a bank-account will cost you up to 5,000 shillings and which is too high when you compare it with withdrawing from an agent and having it deposited through the Automated Teller Machines points which are free and available throughout the entire country.

It is so sad that the same transfer fees structure is not available anywhere to see by a customer, and which means that many end up transacting out of blue not knowing how much they are top be charged for example, a friend was so surprised when he was charged up to 7,200 shillings to transfer only 170,000 from MTN Mobile-Money account to his local bank-account.

Other than referring customers to call their customer service helplines (which are too busy at all times) to inquire the transfer-fees associated, instead it would be better to add them on the service provider websites or as brochures at the service center points just like many service providers do even on products which are still in the BETA states and stages.

The service brochures in banks indicate that the transfer-service is free yet at the same time, its a paid one and which makes me wonder who is being f**led in this? Being open and showing all associated fees to clients is nothing better than that since one decides to transact well knowing how much he or she is to pay or to cover.

And now that the same mobile-to-bank cross transfers is moving faster and being adapted by the different banking institutions, who is there to help the clients? I look at this being one of the saddest we are into unless the way is completely changed and everything including the fees structures put in an open so as for clients to see instead of saying a free yet a paid one.

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Mobile Money To Bank Account Transfers Fees reviewed – Too Much For Users To Bear

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