The Central Bank of Kenya (CBK) has extended the waiver on mobile money transaction fees under Sh1,000 for another six months after the initial 90-day period lapsed, a move that could see Safaricom lose up to Sh15.3 billion.
The banking sector regulator Wednesday said that the free service aimed at cutting down on the handling of cash and the attendant risk of Covid-19 being transmitted from person to person will run to the end of December. The order will also affect commercial banks, which had on March 16 removed charges for customers moving money between their mobile wallets and bank accounts.
