This archive report was first published on 24 June 2020.
Published on June 24, 2020, the Central Bank of Kenya (CBK) has announced the extension of measures to facilitate increased use of mobile money transactions instead of hard cash until the end of the year.
CBK stated that the measures announced in March had helped cushion the most vulnerable and would be extended until December 31, 2020.
According to CBK, there will be no charge for mobile money transactions of up to Ksh.1,000, while the current tariff for transactions above Ksh.70,000 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.
The measures that remain in place include:
- No charge for mobile money transactions of up to Ksh.1,000.
- Current tariff for transactions above Ksh.70,000 will remain.
- No charge by PSPs and commercial banks for transfers between mobile money wallets and bank accounts.
