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Kenyans Will Continue Enjoying Free Mobile Money Transactions Below 1000 for the Rest of The Year

NevilleOfficial 06/24/2020

Kenyans can finally look forward to finishing 2020 on a high as the Central Bank of Kenya on Wednesday June 24 announced the extension of measures to promote cashless transactions amidst the COVID-19 pandemic.This means Kenyans will continue enjoying free mobile money transactions below Ksh.1000 for the rest of the year.“Against the backdrop and pursuant to Regulation 43 (2) of the National Payment System Regulations, 2014, CBK has determined that the wallet transaction limits that were announced on March 16, 2020, will remain in force.“Additionally, the emergency measures are extended and will remain in place from July 1, 2020, until December 31, 2020,” read part of the banking sector regulator’s statement sent to newsrooms on Wednesday June 24.

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“CBK notes that the measures were timely and highly effective in facilitating official and personal transfers at a time of great need,” it further noted.Additionally, the CBK has retained the reviewed tariff of mobile-money transactions above Ksh.70,000.Moreover, the reserve bank has retained the waiver on fees charged by payment service providers (PSPs) and commercial banks for transfers between mobile money wallets and bank accounts.The average value of all mobile money transactions per day was however on the decline shedding 5.1 percentage points to stand at a mean Ksh.7.5 billion.

Source: opera.com
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