This archive report was first published on 24 June 2020.
On March 16, 2020, the Central Bank of Kenya (CBK) announced measures to ease the financial burden of Kenyans during the COVID-19 pandemic. The announcement was made just three days after the country implemented stringent measures to contain the spread of the virus.
As part of the measures, the CBK suspended transaction fees charged by operators of mobile money platforms for amounts below Kshs 1,000. Additionally, fees for the use of mobile banking platforms to transfer money to and from mobile wallets were suspended in entirety.
The CBK also raised the transaction limit to Kshs 150,000 per transaction and Kshs 300,000 daily. These measures were initially set to last for three months but were up for review as the lockdown situation in the country evolved.
On June 24, 2020, the CBK announced that the status quo would remain in place until December 31, 2020, providing relief to users. However, the statement did not clarify whether the suspension of transaction fees for amounts below Kshs 1,000 applies beyond person-to-person transactions on mobile money platforms like M-Pesa.
