Neo-banking platform Loop has reinstated M-PESA to Loop deposits. This development follows an inquiry by technology writer Dickson Otieno, who noticed a charge after moving money from his M-PESA wallet to his loop account.
To note, this development has not been communicated by the digital bank. A few months ago, it revealed that all M-PESA to Loop deposit would be free, and that has been the case, a very attractive one for that matter.
Here are Loop’s explanations written on X:
“Thank you for reaching out to us. We wish to advise that Loop does not charge you to deposit into your account. However, transaction charges levied by your preferred mobile money network may apply as per your provider’s tariff guide.”
As seen, this is not a clear answer, which prompted further inquiry. Loop then revealed that it had no say in that matter, as the preferred mobile money network, which is M-PESA in this case, compelled them to reinstate the charges.
“Please note that a business decision was made to reinstate M-Pesa to Loop charges. Normal M-Pesa to Loop Paybill charges now apply as regulated by the service provider,” Loop said to Dickson.
Loop has yet to reflect these changes in its current tariff guide, although that could change. It has also been hinted that these new charges could have arrived with the new update of its smartphone app, which received a massive overhaul in 2022.
