Zero charges on mobile transactions to stay till December

The current tariff for transactions exceeding Sh70, 000 has also been extended till december.

The regulator also announced that there will be no charge by Payment Service Providers and commercial banks for transfers from mobile money wallets to bank accounts.

CBK noted that since the measures were introduced in March to facilitate curbing covid-19 there has been a significant increase in the use of mobile money transactions.

The bank also noted that the increase was mainly in low-value transactions of Sh1, 000 and below which accounts for nearly 80 % of mobile money transactions.

CBK at the same time appreciated the removal of such charges has cushioned the vulnerable in society. More than 1.6 million costomers began using money transactions.

But the business related transactions have recorded negative outcomes. CBK said that the measures were timely and highly effective in facilitating official and personal transfers at a time.

CBK also added that the increased preference for mobile wallets and transactions limits have resulted to increased usage at higher amounts and greater convenience.