The Central Bank of Kenya (CBK) has announced a return of the MPESA money trantransaction fees for Ksh. 1000. – By Gerald Gekara.
In a communique to the press, the intervention measures meant to avail more money during the COVID-19 pandemic were reviewed together with mobile service providers.
The measures were extended until December 31, 2020, after a review. CBK says a significant increase of mobile money usage was noted over the period.
The monthly volume of person-to-person transactions increased by 87 percent between February and October 2020.
Over this period the volume of transactions below Ksh.1,000 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.
Here are the new measures.
1. There will be no charge for person-to-person transfers of up to Ksh.100 to any customer and network.
2. There will be no charges for transfers between mobile money wallets and bank accounts.
3. SACCOs regulated by the Sacco Societies Regulatory Authority (SASRA) may levy a charge for transfers between SACCO accounts and mobile money wallets.
4. Going forward, service providers will propose pricing structures that reflect the “Pricing Principles” that CBK has introduced. These “Principles” aim to support the development of an efficient, safe and stable payments and mobile money ecosystem.
5. The wallet and transactions limits that were announced on March 16, 2020, will remain in force as was communicated earlier.
