CBK extends COVID-19 emergency measures to December

The Central Bank of Kenya has announced the extension of a set of measures that were announced in March this year to facilitate increased use of mobile money transactions instead of hard cash.

In a statement to newsrooms Wednesday, CBK stated that the measures announced had helped cushion the most vulnerable and would be extended until the end of the year.

He said there will be no charge for mobile money transactions of up to 1,000 shillings while the current tariff for transactions above 70,000 shillings will remain.

Additionally, CBK said there will be no charge by Payment Service Providers (PSPs) and commercial banks for transfers between mobile money wallets and bank accounts.

“CBK notes that the measures were timely and highly effective in facilitating official and personal transfers at a time of great need,” CBK said in a statement issued on Wednesday.

The statement adds “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”.

The measures that remain in place from July 1, 2020, until December 31, 2020 are:

• There will be no charge for mobile money transactions of up to Ksh.1,000.
• The current tariff for transactions above Ksh.70,000 will remain.
• There will be no charge by Payment Service Providers (PSPs) and commercial banks for transfers between mobile money wallets and bank accounts