After the CBK met with Payment Service Providers and other financial industry players. Safaricom was the first telco to announce the removal fees, but merely on transactions below Ksh 1000.
Kenya’s second-largest telco, Airtel, is also doing the same but in a bigger way to encourage cash-less transactions, one way of reducing the spread of Covid-19, aka Coronavirus.
The telco has slashed all of its transaction fees across all bands on its mobile payment product, Airtel Money. In other words, sending money on Airtel Money is now free.
The company announced the news on Monday. The changes have already started playing out and will be in place for the next 90 days, starting Tuesday 17th.
In correspondence to the new CBK guideline, Airtel Money has also increased its daily transaction limit from Sh70,000 to Sh150,000. Airtel Money wallet will also be able to accommodate up to Ksh 300,000.
The CBK also removed all the monthly transaction restrictions across all PSPs.