Mobile money presents a new avenue for monetary policy

As the economic threat posed by Covid-19 virus continues to escalate, many central banks around the world have been rushing to cut interest rates and create stimulus packages to ensure that there is adequate money supply to keep businesses afloat.

Here in Kenya, as markets awaited to see what new measures the Central Bank of Kenya would take, it came as an interesting surprise that the first announcement would be after a joint meeting between the banking regulator and mobile money operators.