× Digital News Videos Opinion Special Reports Lifestyle Central Coast Eastern Nairobi North Eastern Nyanza Rift Valley Western Business News Stocks Financial Standard Africa Asia America Europe Weird News Editorial Commentary Letters Crazy World Features Entertainment Money & Careers Health & Science Sci & Tech Home & Away Generation Next Cartoon Education Pointblank Environment Travel & Destination Columns Kipkoech Tanui uReport Kiambu Murang'a Nyandarua Kirinyaga Nyeri Baringo Bomet Elgeyo Kajiado Kericho Laikipia Nakuru Nandi Narok Samburu Trans Nzoia Turkana Mombasa Kwale Kilifi Tanariver Taita Taveta Kakamega Vihiga Bungoma Busia Siaya Kisumu Homabay Migori Kisii Nyamira Nairobi Uasin Gishu West Pokot Sunday Magazine The Hague Trial Kenya @ 50 Education and Training Health and Environment Insurance and Financial Security Housing Current Affairs Humour Makau Mutua David Oginde Clay Muganda Comand Your Morning Mohamed Wehliye Wednesday Life Alexander Chagema Arts & Culture Kamotho Waiganjo Barrack Muluka Xn Iraki Urban Rights - By Steve Ouma Branding Voice KCB Fredrick Ogola Sunday Magazine Wanja Kavengi Njoki Kaigai David Oginde Ken Opalo Daisy Maritim Houghton Irungu Hustle News Group Stages Round of 16 Quarter Finals Semi Finals Finals Third Place play-offs Opinion Dr Pesa Podcasts Round Table Sepetuko Eve Woman Ramadhan Special Fact Check Correction Explainers The Standard Insider Blog E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS

CBK extends waiver on Sh1000 mobile money transfers

By Fredrick Obura | June 24th 2020 at 03:56:19 GMT +0300

CBK Governor Patrick Njoroge

Mobile money users will continue enjoying the free transactions on transfer of Sh1000 up to the end of the year.

On Wednesday, the Central Bank of Kenya said it will extend the benefits which were first announced on March 16 to promote cashless transaction in the wake of COVID-19 pandemic.

Additionally, the bank said the current tariff for transactions of above Sh70,000 will remain and there will be no charge by payment service providers and commercial banks for transfers between mobile money wallets and bank accounts.

Following the March 16 announcement by the Central Bank of measures to facilitate increased use of mobile money transactions instead of cash, in the context of COVID-19 pandemic a significant increase in the use of mobile money channels by individuals in both value and number of transactions has been realized.

“Most of the increase was in low-value transactions of Sh1000 or less which has helped cushion most vulnerable households,” said CBK in a statement.

“Moreover, more than 1.6 million additional customers are now using mobile money channels. However business-related transactions have declined marginally.”

M-Pesa for instance charges Sh15 for transfer of up to Sh1,000 to registered users and Sh49 for unregistered users, and Sh28 for withdrawals.

Under the initiative, other financial payments services companies and commercial banks also removed charges for customers who move money between their mobile wallets and bank accounts.

Mobile financial services users are also able to hold more money in their wallets and the total monthly limit for transactions was also removed.

The various limits were originally introduced to stem cases of money laundering and the central bank has said it has increased its surveillance after their removal to ensure compliance.

Kenya has so far reported just over 5,000 cases of the COVID-19 disease.

Additional reporting by Reuters

CBK Mpesa Airtel Money
Share this story

Read More