Saccos need revamp of banking systems
Thursday December 24 2020
Summary
It is critical to note that there are many industries that have for the longest time continued to use specific solutions to manage their operations out of convenience.
The sacco ecosystem in Kenya is one such industry.
It is obvious that for decades they have been central not only to individual development but also community progress.
Because of low interest, and the fact that it is being managed by its members, the sector has played a critical role in the country’s financial sector.
This digital age has welcomed a myriad of technological inventions that have aided operations and enhanced processes in many sectors across the production value chain.
Kenya: Digital Lenders Will Milk You Dry and Get Away With It, Be Vigilant allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
The East African
Saturday December 19 2020
A customer makes a mobile money transaction in Kenya. Charges for transactions that had been reduced in March, will go back to the original rates on January 1, 2021. PHOTO | FILE | NMG
Summary
On March 16, CBK increased the transaction limit for mobile money from Ksh70,000 ($636) to Ksh150,000 ($1,363), and increased the daily limit for mobile money transactions and mobile money wallet limit from Ksh140,000 ($1,272) to Ksh300,000 ($2,727),
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In March, the banking regulator scrapped charges on mobile money transactions of up to Ksh1,000 ($9).
The charges will further reduce household incomes already facing the re-introduction of full income tax and VAT payments, effective January 1, 2021.
Kenya: Tough January As Free Mobile Transactions Come to End allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
Free Mobile Transactions Kenyans Will Enjoy After Relief Expiry
A file image of an M-PESA shop
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The Central Bank of Kenya (CBK) on Thursday, December 17 announced that Kenyans will still enjoy some free mobile money transactions after the expiry of the Covid-19 relief.
In the latest move, CBK revealed that there will be no charge for person-to-person transfers of up to Ksh100 to any customer and network.
Central Bank of Kenya (CBK) building in Nairobi.
Simon Kiragu
Kenyans.co.ke
Kenyans will also be cushioned by CBK as there will be no charges for transfers between mobile money wallets and bank accounts.