Home Business news CBK extends mobile money transactions relief to Kenyans

CBK extends mobile money transactions relief to Kenyans

It is good news to Kenyans as the Central Bank of Kenya (CBK) has announced the extension of a set of measures that were announced three months ago to facilitate increased use of mobile money transactions instead of hard cash to curb further spread of Covid-19.

A statement released to newsrooms earlier today, CBK stated that the measures were meant to cushion the most vulnerable in the Kenyan society and would be extended until the end of the year.

According to the statement, despite 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.

The statement indicated that the emergency measures have been extended and will remain in place from July 1, 2020, until December 31, 2020.

As a result, there will be no charge for mobile money transactions of up to Sh1000 with the current tariff for transactions above Sh70, 000 remaining the same.

There will also be no charge by Payment Service Providers (PSPs) and commercial banks for transfers between mobile money wallets and bank accounts.

CBK has recorded an increase in the low-value transactions of Sh1,000 or less which accounted for over 80 percent of mobile money transactions.

Following the relief, more than 1.6 million customers have switched to using mobile money transactions with the bank noting that business-related transactions have declined marginally.

In March 2020, Safaricom declared the slashing of the M-Pesa charges for transactions following a directive by President Uhuru Kenyatta to explore ways of deepening mobile money usage to slow down the spreading of Covid-19 through physical contact with the money.

The mobile service provider also received approval from CBK to increase the daily transaction limit to Sh150, 000 from Sh70, 000.

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