CUSHIONING KENYANS

CBK extends zero charges of up to Sh1,000 mobile transactions until December

Transactions of Sh1,000 and below accounts for 80% of mobile money transactions.

In Summary

• There will be no charge by Payment Service Providers and commercial banks for transfers.

• The current tariff for transactions above Sh70, 000 will also be extended during the period.

CBK Governor Patrick Njoroge has accused the Judiciary of delaying the recovery of Chase Bank cash. /FILE
CBK Governor Patrick Njoroge has accused the Judiciary of delaying the recovery of Chase Bank cash. /FILE

The Central Bank of Kenya has announced an extension of a raft of measures introduced on Mach 16 to cushion Kenyans during the coronavirus pandemic.

CBK said on Wednesday that the measures that were introduced will be extended from July to December.

Kenyans will continue enjoying the zero charges on the transaction of mobile money up to Sh1, 000.

The current tariff for transactions above Sh70, 000 will also be extended during the period.

 
 

At the same time, CBK said that there will be no charge by Payment Service Providers and commercial banks for transfers between mobile money wallets and bank accounts.

CBK said that since the March announcement on measures to facilitate an increased use of mobile money transactions instead of cash, there has been a significant increase in the use of mobile money transactions.

It was also noted that the increase was in low-value transactions of Sh1, 000 and below which accounts for 80 per cent of mobile money transactions.

CBK said that the move to remove charges on up to Sh1,000 has cushioned the vulnerable in society.

CBK also noted that there was an addition of more than 1.6 million customers using mobile money transactions.

The measures have however affected business-related transactions negatively.

Also, CBK said that the measures were timely and highly effective in facilitating official and personal transfers at a time.

 
 

It further said that the increased wallet and transaction limits that were announced in March have led to increased usage at higher amounts and greater convenience.