CBK hold on transfer fees

KUWAIT CITY, May 10: The Central Bank of Kuwait has instructed local banks to stop charging fees for electronic local money transfers, reports Al-Anba daily.

In a press statement, the Central Bank clarified that imposing such fees necessitates obtaining approval from the concerned authorities within the framework of a balanced relationship between banks and their customers. It emphasized the need to ensure this step supports trends towards digital transformation and to encourage customers to use electronic channels.