Central Bank of Kenya (CBK) has unveiled a set of emergency measures to increase the use of mobile money transfers and curb the spread of coronavirus (Covid-19).
The move follows the central bank’s meeting with payment service providers (PSPs) on 16th March.
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The measures are aimed at mitigating the risk of person-to-person virus transmission and also reduce the overall use of cash in the economy.
The emergency measures will be effective until 30th June 2020.
Emergency Measures
The mobile money transactions up to KSH1,000 (about $10) will be free of charges and the transaction limit has been increased to KSH150,000 ($1447.73)
The mobile money wallet limit and daily transactions limit is placed at KSH300,000 ($2895.46).
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By GlobalDataThe monthly transactions limit has also been removed.
The transfers between mobile money wallets and bank accounts have also been eliminated.
CBK added that it will continue to monitor the execution of the emergency measures.
All the existing frameworks for anti-money laundering and countering financing of terrorism will also continue to apply.
Safaricom became the first mobile money provider to comply with the set measures by waiving the charges for person-to-person transfer of amounts below KSH1,000 (about $10).
The Covid-19 death toll has crossed 7,100, infecting more than 182,000 people worldwide.
The outbreak has impacted more than 134 countries.
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