CBK extends waiver on Sh1000 mobile money transfers

Mobile money users will continue enjoying the free transactions on transfer of Sh1000 up to the end of the year.

The Central Bank of Kenya said Wednesday that it will extend the benefits which were first announced on March 16 to promote cashless transaction in the wake of COVID-19 pandemic.

“CBK notes that these measures were timely and highly effective in facilitating official
and personal transfers at a time of great need. Further, CBK assesses that the increased
wallet and transactions limits that were also announced have led to increased usage at
higher amounts and greater convenience.

Against this backdrop, and pursuant to Regulation 43(2) of the National Payment System
Regulations, 2014, CBK has determined that the wallet and transactions limits that were
announced on March 16, 2020, will remain in force,” it said in a statement adding that it will continue to closely monitor the implementation of these emergency measures.

Further the bank said the current tariff for transactions of above Sh70,000 will remain and there will be no charge by payment service providers and commercial banks for transfers between mobile money wallets and bank accounts.

Following the March 16 announcement by the Central Bank of measures to facilitate increased use of mobile money transactions instead of cash, in the context of COVID-19 pandemic a significant increase in the use of mobile money channels by individuals in both value and number of transactions has been realized.