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Monday, March 16, 2020

CBK Lists Emergency Measures On Mobile Money Transactions This Coronavirus Outbreak

    March 16, 2020   No comments

Central Bank Of Kenya (CBK)
Central Bank of Kenya (CBK) Monday had a meeting with Payment Service Providers to discuss how mobile transactions will be facilitated during this time of the Coronavirus outbreak.

Kenyans are urged to use mobile money instead of cash as it can be a way of the virus transmission from the affected to the healthy.

CBK came up with a list of emergency measures to be taken on all mobile money transactions in order to enhance usability by Kenyans as upsurge is expected.

These measures are effective as from midnight 16th March 2020 to June 30th 2020.

  • There will be no charge for mobile transactions up to kes 1000
  • The transaction limit will be increased to kes 150,000
  • The daily limit for mobile money transactions will be kes 300,000
  • The mobile money wallet limit will be kes 300,000
  • The total limit for mobile money transactions is eliminated 
  • The tariff for mobile money for kes 70,000 will apply for up to kes 150,000
  • PSPs and Commercial Banks will eliminate transfer charges between mobile money wallet and bank accounts. 

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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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