The Central Bank of Kenya (CBK) has insisted that anti-money laundering rules and safeguards against terrorism financing should be adhered to by banks and payment services companies. The declaration has come as payment services firms relax their restrictions on money transfer.
Following consultations with the Central Bank, payment services providers increased mobile-based transaction limits to KSh 150,000 from the previous KSh 70,000 and allowed daily transfers of up to KSh 300,000 from KSh 140,000.
These emergency measures to facilitate mobile money transactions will be in place for 90 days starting today. The monetary authority has also increased the size of a mobile cash wallet to KSh 300,000 and eliminated charges for transfers between money wallets and bank accounts.
Reacting to CBK’s measures, Airtel money has waived all charges-allowing its customers to send or receive money for free on its cash transfer platform. This is beyond Safaricom and Telkom’s revised charges that only apply to amounts below KSh 1,000.
Airtel customers will thus enjoy a piggy ride of free transfers of any amount, for the next 90 days.
Perhaps to safeguard its market leader position, Safaricom is offering faster internet speeds to its customers. The mobile firm will for the next 90 days be offering higher internet speeds to its home internet subscribers as part of its contribution in the fight against the Covid-19 pandemic.
This is expected to be a great enabler to those working from the comfort of their homes. For instance, the bronze package will have enhanced speeds from the current 5mbps to 10 Mbps. Subscribers on the silver package will now access speeds of 20mbps from 10mbps while customers on Gold package will have speeds of 40 Mbps from 20 Mbps. Clients on Diamond will enjoy speeds of 80 megabytes per second from the current 40 megabytes per second.
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