Covid-19 relief measures end on December 31 2020-CBK

Covid-19 relief measures end on December 31 2020-CBK

Covid-19 relief measures expire on December 31, 2020

The Central Bank of Kenya (CBK) has repealed mobile money transfer Covid-19 relief measures instituted in June 2020.

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

In a Press Release titled: Expiry of Emergency Measures to Facilitate Mobile Money Transactions and the Introduction of Principles to Guide Pricing, CBK says only mobile money transactions below Sh100 will be free as providers reinstate the sending fees.

According to CBK,  since the waiver was introduced the monthly volume of person-to-person transactions increased by 87 percent between February and October 2020.

Also read:Local Kenyan Currency Undergoes Modifications

Over this period, the volume of transactions below Sh1,000 increased by 114 percent, while 2.8 million additional customers are using mobile money. Business-related transactions also recorded significant growth over the same period.

“Following consultations with Payment Service Providers (PSPs), CBK will allow the emergency measures to expire on December 31, 2020,” CBK said.

Banks will however continue offering free transfer of cash between accounts and mobile wallets while Saccos will charge transactions.

“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,” the brief read in part.

“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.

See Statement below:

Also read: CBK unveils new generation currency notes

Also read:This is how you can identify fake currency in Kenya

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