The Central Bank of Kenya has announced the extension of a set of measures that were announced in March this year to facilitate increased use of mobile money transactions instead of hard cash.
In a statement to newsrooms on Wednesday, CBK stated that the measures announced had helped cushion the most vulnerable and would be extended until the end of the year.
He said there will be no charge for mobile money transactions of up to Kes 1,000 shillings while the current tariff for transactions above Kes 70,000 shillings will remain.
Additionally, CBK said there will be no charge by Payment Service Providers (PSPs) and commercial banks for transfers between mobile money wallets and bank accounts.
“CBK notes that the measures were timely and highly effective in facilitating official and personal transfers at a time of great need,” CBK said in a statement issued on Wednesday.
The statement adds “further, CBK assesses that the increased wallet and transactions limits that were also announced have led to increased usage at higher amounts and greater convenience”.
”Against this backdrop, and pursuant to Regulation 43(2) of the National Payment System Regulations, 2014, CBK has determined that the wallet and transactions limits that were announced on March 16, 2020, will remain in force,” CBK said in the statement.
