Central Bank of Kenya extends free mobile money transactions of up to Ksh.1000
Kenyans transacting less than Ksh.1 000 (USD10) via mobile money will enjoy free charges beginning next month up to December this year in a government's bid to cushion vulnerable citizens, the Central Bank of Kenya (CBK) has said.
CBK introduced emergency measures in mid-March to facilitate increased use of mobile money transactions instead of cash, in the wake of the global pandemic Coronavirus.
The emergency measures were supposed to end on June 30th but CBK extended them and they will now remain in place from July 1, 2020 until December 31, 2020.
“There will be no charge for mobile money transactions of up to Ksh.1,000. The current tariff for transactions above Ksh.70,000 (UDS658) will remain. There will be no charge by Payment Service Providers and commercial banks for transfers between mobile money wallets and bank accounts,” reads part of the statement from CBK.
CBK said according to its 2014 regulations, it had determined the wallet and transactions limits that were announced on March 16, 2020, will remain in force.
These measures include a mobile money wallet limit which was increased to Ksh.300 000 and the monthly total limit for mobile money transactions which was eliminated.
There has been an increase in the use of mobile money since March when Coronavirus hit the East African nation. To date the respiratory disease has claimed the lives of over 130 people while infecting more than 5 300 people, according to Kenya’s Health Ministry.