Thursday
December 17
2020

Central Bank of Kenya Puts an End to Free Mobile Money Transfers

After weeks of expectation from telcos, the Central Bank of Kenya (CBK) has officially suspended the zero-rating order for mobile money transactions under KES 1,000.

According to the CBK, the measure will not be extended anymore meaning that customers will be required to furnish the transfers with transaction fees. The decision also comes a couple of weeks after Safaricom expressed its desire to have the waivers to not be extended.

However, the fees will not be the same as CBK and payment partners have started revising the current mobile money transaction fees. This was expected though since Safaricom had hinted its plans to adjust transaction fees.
Photo courtesy of Simon Berry.

Source: Gadgets Africa (link opens in a new window)

Categories
Finance
Tags
digital banking, emerging markets, financial inclusion, fintech, mobile money