CBK ends Covid-19 relief measures, announces new rules starting January 1

New rules on mobile money transfer starting January 1, 2021

Central Bank of Kenya Governor Patrick Njoroge

The Central Bank of Kenya (CBK) has repealed mobile money transfer measures instituted in June 2020 as Covid-19 relief measures.

In a statement to newsrooms on Thursday, CBK noted that the measures will expire on December 31, 2020.

"Following consultations with Payment Service Providers (PSPs), CBK will allow the emergency measures to expire on December 31, 2020 and PSPs will introduce revised pricing structures from January 1, 2021 with the following elements;

"There will be no charge for person-to-person transfers of up to Sh.100 to any customer and network.

"There will be no charge for transfers between mobile money wallets and bank accounts," the brief read in part.

SACCOs

The new measures will also ratified a feel for mobile transfer of funds from Savings and Credit Societies (SACCOs) accounts.

"To facilitate the integration of SACCOs with the mobile money ecosystem, SACCOs regulated by the SASRA may levy a charge for transfers between SACCO accounts and mobile money wallets. CBK will oversee these charges in the context of products that banks and PSPs offer to SACCOs," the brief explained.

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