The Kenyan Central Bank asked all the telecom companies to waive charges on mobile money transactions to limit the spread of coronavirus through handling banknotes.
This followed the country confirming the coronavirus case in their country, among other countries that are suffering from the virus.
According to the statement dated 16th March 2020 from the Kenya Central Bank, they met with the payment service providers in the morning and they agreed to abandon the charges on mobile money to minimize cash transactions.
According to the new changes, there will be no charges for mobile money transactions up to 1,000 Kenya shillings and this will help to reduce the use of cash in the economy over the medium time.
They have also increased the transaction limit that was on the daily limit and monthly basis so that people can have more money on their mobile phones.
All mobile money agents and commercial banks have been asked to eliminate charges for transfers between mobile money wallets and bank accounts starting from today midnight up to June.