Kenyans should be prepared to spend more while using mobile money as the waivered transfer fees for amounts not exceeding Sh1,000 will expire on December 31, 2020.
In a statement released by the Central Bank of Kenya (CBK) earlier today, CBK noted that the waiver introduced in March to cushion Kenyans from the negative impacts of Covid-19, will expire at the end of the month.
In addition, CBK noted that that there will be no charge for person-to-person transfers of up to Sh100 to any customer and network, also noting that there will be no charges for transfers between mobile money wallets and bank accounts.
“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,” CBK’s statement read in part.
The waiver made mobile money one of the most preferred ways of transacting among Kenyans especially during the first Covid-19 phase.
“A significant increase of mobile money usage has been noted over the period the measures have been in place… For instance, 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,” CBK said.