Tuesday, March 17, 2020

Banks, PSPs Ordered To Eliminate Mobile Money Transfer Charges

    March 17, 2020   No comments

CBK Press release on mobile money changes

The Central Bank has ordered commercial banks and Payment Service Providers (PSPs) effective Monday 16th March 2020 midnight to abolish any charges arising from transfer of money between bank accounts and mobile wallets.

This follows after President Uhuru ordered  the use of cashless ways of transacting to be the top priority and discourage hard cash circulation during this Coronavirus outbreak period.

Read ; Safaricom Says No Fee For Mpesa Transactions Below ksh1000

The virus which is highly contagious, can easily be transferred through Cash coming from an infected person to a healthy one.

Apart from eliminating transfer charges between mobile wallets and bank accounts, CBK also came up with emergency  measures to enhance mobile money transactions for a period of ninety (90) days.
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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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