Bulk real-time bank transfers, largely made by companies and wealthy individuals, grew at a slower pace while cheque payments dropped to a seven-year low in the first half of the year on depressed economic activities which were exacerbated by Covid-19 shocks.
The slowdown in bank payments of more than Sh1 million came at a time private companies reported sustained drop in sales as measured by the composite Stanbic Bank Kenya’s Purchasing Managers Index (PMI).
