CBK extends free money transactions below kshs. 1000

The Central Bank of Kenya (CBK) has extended the free mobile money transactions below Ksh.1000 for the rest of 2020.

This now means Kenyans continue enjoying free mobile money transactions as the CBK continues with the measures to promote cashless transactions amidst the COVID-19 pandemic.

“CBK notes that the measures were timely and highly effective in facilitating official and personal transfers at a time of great need,” the banking sector regulator noted.

Also, the regulator retained the reviewed tariff of mobile-money transactions above Ksh.70,000.

CBK further notes that the cushioning has however achieved its desired impact as Kenyans mark an increased use of mobile money facilities.

“Moreover, more than 1.6 million additional customers are now using mobile money channels.”