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Central Bank of Kenya announces emergency measures to fast track mobile money transactions amid COVID-19 spread

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President of Kenya, Uhuru Kenyatta

MON, MARCH 16 2020-theG&BJournal- The Central Bank of Kenya (CBK) Monday announced seven fresh measures to facilitate increased use of mobile money transactions instead of cash amid new confirmed COVID-19 cases in the country.

The bank said, while the immediate objective is to reduce the risk of transmission of coronavirus (COVID-19) by handling bank notes, the measure is also focused on reducing the use of cash in the economy over the medium term.

The measures announced today include:

No charges for mobile money transactions up to Ksh 1,000

Increased transaction limit for mobile money transaction to Ksh 150,000

Daily limit for mobile money transactions in to Ksh 300,000

Mobile money wallet limit is increased to Ksh 300,000

The monthly total limit for mobile money transaction is eliminated

The current tariff for mobile money transactions for Ksh 70,000 will apply for transactions up to Ksh 150, 000

And PSPs and commercial banks will eliminate charges for transfers between mobile money wallets and bank accounts.

The CBK said the current frameworks on anti-money laundering and countering financing of terrorism (AML/CFT will continue to apply and it will monitor the implementation of these emergency measures.

Meanwhile, news report say the Kenyan government is set to receive Ksh 6 billion in funding from the World Bank to address the COVID-19 cases in the country.

Kenya confirmed two new cases Sunday, and the President Uhuru Kenyatta, has quickly suspended travel for all persons coming into Kenya from any country with reported case of coronavirus.

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