Kenya central bank restores mobile money transfer fees
Move will reverse anti-Covid measure, but cut fees from 2020 rates
The Central Bank of Kenya will reintroduce fees to transfer cash between mobile money wallets and bank accounts from January 1, it announced on December 6.
The CBK had suspended enforcement of the fees in March 2020, to encourage electronic payments and impede Covid-19 transmission. It also allowed free transactions on small payments through the M-Pesa mobile payments network, though it withdrew this accommodation at the end of 2020.
In its press release, the CBK said it had sharply reduced
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