Why CBK extended free sending of up Ksh 1000

The Central Bank of Kenya recently reviewed the effectiveness of Mobile money transactions since COVID 19 in March 2020. Governor Njoroge said that mobile transactions had increased significantly increased since the transfer of 1000 or fewer shillings. The governor noted that 1.6 more customers are using mobile money channels to receive cash or pay for goods or services.

Following that report, Governor Njoroge said that the offer to send 1000 or less shillings for free should stay till December 2020.

In a statement, Dr. Njoroge said that the Central Bank of Kenya had assessed and confirmed the effectiveness of the cashless mode of payment during the COVID 19 period. Speaking on June 26, 2020, he said “The CBK proudly confirms that measures were timely and highly effective in slowing down the spread of COVID 19.