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CBK reintroduces mobile money transfer charges for saccos
In a statement on Thursday, CBK governor Patrick Ngugi Njoroge said the sacco sector has deeply integrated to the mobile wallets for a significant share their transactions.
•Through the digital wallet, banks provided saccos with a bridge to the domestic and cross border payment systems.
The Central Bank of Kenya has reintroduces charges for transactions above Sh100 through mobile money wallets linked to saccos.
In a statement on Thursday, CBK governor Patrick Ngugi Njoroge said through the digital wallet, banks provided saccos with a bridge to the domestic and cross border payment systems.
However, the viability of the services seem to be affected by the inability to cover the underlying costs.
According to Njoroge, the resumption of charges will provide space to increase the connection options for saccos which was interrupted due the the lack of other alternatives to connect to the Mobile money ecosystem.
He said the sacco sector has deeply integrated to the mobile wallets for a significant share of their transactions.
Co-operative Bank has already received approval from the CBK to charge Sh20 for sacco transactions as well as inter Account transfer for Sh101 to Sh500.
Waiving charges for low value mobile money person to person transactions below Sh1000 was introduced as part of the emergency measures to salvage the economy affected by the Covid-19 global pandemic.
In a statement on Thursday, CBK governor Patrick Ngugi Njoroge said the sacco sector has deeply integrated to the mobile wallets for a significant share their transactions.
•Through the digital wallet, banks provided saccos with a bridge to the domestic and cross border payment systems.
The Central Bank of Kenya has reintroduces charges for transactions above Sh100 through mobile money wallets linked to saccos.
In a statement on Thursday, CBK governor Patrick Ngugi Njoroge said through the digital wallet, banks provided saccos with a bridge to the domestic and cross border payment systems.
However, the viability of the services seem to be affected by the inability to cover the underlying costs.
According to Njoroge, the resumption of charges will provide space to increase the connection options for saccos which was interrupted due the the lack of other alternatives to connect to the Mobile money ecosystem.
He said the sacco sector has deeply integrated to the mobile wallets for a significant share of their transactions.
Co-operative Bank has already received approval from the CBK to charge Sh20 for sacco transactions as well as inter Account transfer for Sh101 to Sh500.
Waiving charges for low value mobile money person to person transactions below Sh1000 was introduced as part of the emergency measures to salvage the economy affected by the Covid-19 global pandemic.