CBK announces an extension on the measures put on mobile money transactions

Good news for mobile money users after CBK's new directives

Mumbi Mutuko

June 24, 2020 4:25 PM

Good news for mobile money users after CBK's new directives

CBK Governor Patrick Njoroge

CBK announcement on mobile money

Central Bank of Kenya has announced an extension on the measures put on mobile money transactions that announced back in March.

In a statement seen by Pulselive.co.ke on Wednesday, CBK announced that emergency measures implemented due to the COVID-19 pandemic will be extended from July 1, 2020, until December 31 2020.

Mobile money users will continue enjoying the free transactions on the transfer of Ksh1000 up to the end of the year.

According to the statement, the current tariff for transactions of above Ksh70,000 will remain in place.

An agent performing a mobile money transaction ece-auto-gen

Additionally, there will be no charge by payment service providers and commercial banks for transfers between mobile money wallets and bank accounts.

Increase of mobile money users

On March 16 2020, CBK announced the measures to facilitate increased use of mobile money transactions instead of cash.

CBK said that during this pandemic it has seen a significant increase in the use of mobile money channels by individuals in both value and number of transactions has been realized.

“Most of the increase was in low-value transactions of Sh1000 or less which has helped cushion most vulnerable households,” said CBK in a statement.

According to the statement, an additional 1.6 million customers are now using mobile money channels. However, transactions that are business-related declined.

Mumbi Mutuko