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Kenya moves to support economic resilience

Kenya’s Central Bank on Tuesday announced the ending of a COVID-19 mitigation measure that helped support economic resilience.

The apex bank said the measure that involved a waiver of charges on the bank to mobile money transactions had supported vulnerable families and businesses and strengthened economic resilience.

The charges on transactions from mobile wallets to bank accounts were waived on March 16, 2020, as part of emergency measures to facilitate digital transactions, said the bank, adding the reintroduced charges will take effect on Jan. 1, 2023.

According to the apex bank, the waiver had lifted the number of Kenyans using mobile money to 6.2 million. However, it said the withdrawal of the waiver is aimed at facilitating a transition towards sustainable growth of mobile money and ensuring affordability of payment services for Kenyans, adding that the new charges will be up to 61 percent lower. Enditem

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