7 new initiatives CBK has announced to facilitate mobile money transfers

The Central Bank of Kenya has announced seven emergenc measures to facilitate mobile money transfers as the country faces covid-19.

CBK governor Patrick Njoroge

In a statement issued on Monday, the CBK announced these measures listed below.

  1. There will be no charge for mobile money transactions upto Ksh1,000
  2. The transaction limit for mobile money transfer is increased to Ksh150,000
  3. The daily limit for mobile money transactions is increased to Ksh300,000
  4. The mobile money wallet limit is increased to Ksh300,000
  5. The monthly total limit for mobile money transactions is eliminated
  6. The current limit for mobile money transaction for Ksh70,000 will apply for transaction up to Ksh150,000
  7. PSPs and commercial banks will eliminate charges for transfers between mobile money wallets and bank accounts

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