CBK Ends Covid-19 Relief Measures

The Central Bank of Kenya (CBK) has cancelled the Mobile Money Transfer Measures implemented as a Covid-19 relief measure in June 2020.

In a statement on Thursday, November 17, CBK noted that the measures will expire on December 31, 2020.

“Following consultations with Payment Service Providers (PSPs), CBK will allow the emergency measures to expire on December 31, 2020 and PSPs will introduce revised pricing structures from January 1, 2021 with the following elements;

“There will be no charge for person-to-person transfers of up to Sh.100 to any customer and network. There will be no charge for transfers between mobile money wallets and bank accounts,” read the statement in part.

The new measures will also ratify the mobile transfer of funds from the Savings and Credit Societies (SACCOs) accounts.

“To facilitate the integration of SACCOs with the mobile money ecosystem, SACCOs regulated by the SASRA may levy a charge for transfers between SACCO accounts and mobile money wallets. CBK will oversee these charges in the context of products that banks and PSPs offer to SACCOs,” the brief explained.

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