Good News, Central Bank saves Kenyans Again

CBK Governor Dr Patrick Njoroge
CBK Governor Dr Patrick Njoroge 

The Kenyan banks regulator, The Central Bank has saved Kenyans the expenses that come in while doing mobile money transactions for the second time as COVID-19 bites.

Central Bank did exactly what it did on March 16th 2020 when it issued a directive to all Payment Service Providers (PSP) and commercial banks to waive any fees associated with mobile money transactions.

The regulator has today announced through a press release that this directive will remain in force after it lapsed mid June saving Kenyans again from paying charges on mobile money transactions.

Coronavirus pandemic has caused alot of economic degeneration in Kenya and the world at large. Kenyans therefore need to be cushioned against these negative effects of the pandemic.

Here is the full list of all the emergency measures that the Central has put in place effective july 1st to 31st December 2020;

  • All mobile money transactions below ksh 1000 will be free
  • Banks and Payment Service Providers (PSP) to waive any fees involved in bank account to mobile wallet transfers. 
  • The current tariffs of mobile money transactions above ksh 70,000 will remain. 

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