KENYA : CBK seeks to limit cash limits for mobile money

Comments "The Central Bank of Kenya is pushing lots of new rules at the same time (see also request for interconnection)... This may put Safaricom at risk. As a model for lots of mobile money program, this will be closely follow by all the industry"

Extract "The maximum amount of money that an individual can send per day through their phones may be slashed by half if new proposals by the Central Bank are effected.

The draft regulations on national payment systems published by the Central Bank this week proposes to set the daily limit at Sh70, 000. Currently, customers on some mobile networks can send up to Sh140, 000 per day but in two tranches.

The new regulations also seek to set the monthly load limit for individuals at Sh1 million. Currently, a customer can maintain a balance of Sh100, 000 in their account per day which translates into Sh3 million per month."

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