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    President Ruto mourns ‘Sipangwingwi’ hit producer

    President Ruto mourns ‘Sipangwingwi’ hit producer

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    Rachel Ruto flew to US to invite televangelist Benny Hinn to a government-sponsored nationwide crusade

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    Langata cemetery workers protest delayed wages, threaten to exhume bodies

    Big win for EACC, commission recovers Sh8.6m graft loot

    Big win for EACC, commission recovers Sh8.6m graft loot

    CA Director General Ezra Chiloba suspended

    CA Director General Ezra Chiloba suspended

    How climate change and insecurity are affecting the fight against tsetse flies and sleeping sickness

    How climate change and insecurity are affecting the fight against tsetse flies and sleeping sickness

    AU-IBAR director urges unity against tsetse, sleeping sickness to avoid deaths, agricultural losses

    AU-IBAR director urges unity against tsetse, sleeping sickness to avoid deaths, agricultural losses

    Maina Njenga charged with possession of machetes, rungus, swords, jembe sticks

    Ex-Mungiki leader Maina Njenga released after alleged abduction, dumped in Limuru

    ‘Cocaine will ruin you…You’re addicted to bhang,’ Sakaja and Babu Owino in war of words over scorecard

    ‘Cocaine will ruin you…You’re addicted to bhang,’ Sakaja and Babu Owino in war of words over scorecard

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    Fuel prices soar as government removes subsidies

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    Apple unveils iPhone 15 with USB-C

    Apple unveils iPhone 15 with USB-C

    Kindiki makes early morning surprise visit to Nyayo House

    State mulls punishment for Kenyans who fail to pick up printed passports

    Kenya exports 52 tonnes of omena to China

    Kenya exports 52 tonnes of omena to China

    Kindiki makes early morning surprise visit to Nyayo House

    Kindiki makes early morning surprise visit to Nyayo House

    itel launches new colour-changing S23 smartphone

    itel launches new colour-changing S23 smartphone

    Korea seeks to connect Nairobi and Seoul through a direct flight

    Korea seeks to connect Nairobi and Seoul through a direct flight

    OPPO Kenya launches Reno10 series with pro-level camera system

    OPPO Kenya launches Reno10 series with pro-level camera system

    Google appoints Alex Okosi as new managing director for Africa

    Google appoints Alex Okosi as new managing director for Africa

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    President Ruto mourns ‘Sipangwingwi’ hit producer

    President Ruto mourns ‘Sipangwingwi’ hit producer

    #AfriVega: Your VIP access to celebrities and influencers

    #AfriVega: Your VIP access to celebrities and influencers

    Kate actress and Philip Karanja confirm end of marriage

    Kate actress and Philip Karanja confirm end of marriage

    Andrew Kibe’s YouTube account terminated

    Andrew Kibe’s YouTube account terminated

    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    “Young, Famous and African” renewed for Season 3

    “Young, Famous and African” renewed for Season 3

    Serena Williams, Alexis Ohanian welcome their 2nd baby

    Serena Williams, Alexis Ohanian welcome their 2nd baby

    Diamond faces new copyright claim for song “Enjoy” featuring Jux

    Diamond faces new copyright claim for song “Enjoy” featuring Jux

    More people are trusting TikTok for news more than traditional media

    Why petitioner wants TikTok banned in Kenya

  • Tech
    #AfriVega: Your VIP access to celebrities and influencers

    #AfriVega: Your VIP access to celebrities and influencers

    Apple unveils iPhone 15 with USB-C

    Apple unveils iPhone 15 with USB-C

    itel launches new colour-changing S23 smartphone

    itel launches new colour-changing S23 smartphone

    OPPO Kenya launches Reno10 series with pro-level camera system

    OPPO Kenya launches Reno10 series with pro-level camera system

    Police halt Worldcoin registration at KICC over security concerns

    Worldcoin: Kenyans claim eyesight issues and missing payments

    Google appoints Alex Okosi as new managing director for Africa

    Google appoints Alex Okosi as new managing director for Africa

    OPPO redefines photography with the sleek Reno10 series

    OPPO redefines photography with the sleek Reno10 series

    Civil societies protest parliament’s petition to ban TikTok

    Civil societies protest parliament’s petition to ban TikTok

    Infinix Zero 30 5G live images, key specifications leaked online ahead of global launch

    Infinix Zero 30 5G live images, key specifications leaked online ahead of global launch

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    Shujaa secures Olympic qualification with stunning win over South Africa

    Shujaa secures Olympic qualification with stunning win over South Africa

    Ruto rallies Kenyans to attend Harambee Stars, South Sudan match

    Ruto rallies Kenyans to attend Harambee Stars, South Sudan match

    Former Man United player Paul Pogba suspended for doping

    Former Man United player Paul Pogba suspended for doping

    Kenyan Man United fan collapses after eating 15 boiled eggs in loss to Arsenal

    Kenyan Man United fan collapses after eating 15 boiled eggs in loss to Arsenal

    Asernal fan killed over match against Man United

    Asernal fan killed over match against Man United

    Fifa suspend Spanish football chief Rubiales over Hermoso kiss

    Fifa suspend Spanish football chief Rubiales over Hermoso kiss

    ‘Unbeatable’ Faith Kipyegon bags gold at World Championships

    ‘Unbeatable’ Faith Kipyegon bags gold at World Championships

    Arsenal beats Man City in penalty shootout to win Community Shield

    Arsenal beats Man City in penalty shootout to win Community Shield

    LeBron James’ son stable after cardiac arrest at practice

    LeBron James’ son stable after cardiac arrest at practice

  • Events
    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    OPPO Kenya launches Reno10 series with pro-level camera system

    OPPO Kenya launches Reno10 series with pro-level camera system

    Superior Homes Kenya empowers girls to end period poverty through the Nuru initiative

    Superior Homes Kenya empowers girls to end period poverty through the Nuru initiative

    Casa Vera set to host legendary band Les Wanyika

    Casa Vera set to host legendary band Les Wanyika

    Tecno opens new store at Garden City Mall in new expansion plan

    Tecno opens new store at Garden City Mall in new expansion plan

    Sebastien Ogier wins 2023 WRC Safari Rally

    Sebastien Ogier wins 2023 WRC Safari Rally

    Banseok Industry donates peanut peeling machines to 5 counties in partnership with KOTRA

    Banseok Industry donates peanut peeling machines to 5 counties in partnership with KOTRA

    We can’t have a Safari Rally in Naivasha bila sherehe says Ababu Namwaba

    We can’t have a Safari Rally in Naivasha bila sherehe says Ababu Namwaba

    President William Ruto flags off WRC Safari Rally 2023 Shakedown in Naivasha – PHOTOS

    President William Ruto flags off WRC Safari Rally 2023 Shakedown in Naivasha – PHOTOS

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  • Home
  • News
    President Ruto mourns ‘Sipangwingwi’ hit producer

    President Ruto mourns ‘Sipangwingwi’ hit producer

    Rachel Ruto flew to US to invite televangelist Benny Hinn to a government-sponsored nationwide crusade

    Rachel Ruto flew to US to invite televangelist Benny Hinn to a government-sponsored nationwide crusade

    Langata cemetery workers protest delayed wages, threaten to exhume bodies

    Langata cemetery workers protest delayed wages, threaten to exhume bodies

    Big win for EACC, commission recovers Sh8.6m graft loot

    Big win for EACC, commission recovers Sh8.6m graft loot

    CA Director General Ezra Chiloba suspended

    CA Director General Ezra Chiloba suspended

    How climate change and insecurity are affecting the fight against tsetse flies and sleeping sickness

    How climate change and insecurity are affecting the fight against tsetse flies and sleeping sickness

    AU-IBAR director urges unity against tsetse, sleeping sickness to avoid deaths, agricultural losses

    AU-IBAR director urges unity against tsetse, sleeping sickness to avoid deaths, agricultural losses

    Maina Njenga charged with possession of machetes, rungus, swords, jembe sticks

    Ex-Mungiki leader Maina Njenga released after alleged abduction, dumped in Limuru

    ‘Cocaine will ruin you…You’re addicted to bhang,’ Sakaja and Babu Owino in war of words over scorecard

    ‘Cocaine will ruin you…You’re addicted to bhang,’ Sakaja and Babu Owino in war of words over scorecard

  • Business
    Fuel prices soar as government removes subsidies

    Fuel prices cross the Sh200 mark in new Epra review

    Apple unveils iPhone 15 with USB-C

    Apple unveils iPhone 15 with USB-C

    Kindiki makes early morning surprise visit to Nyayo House

    State mulls punishment for Kenyans who fail to pick up printed passports

    Kenya exports 52 tonnes of omena to China

    Kenya exports 52 tonnes of omena to China

    Kindiki makes early morning surprise visit to Nyayo House

    Kindiki makes early morning surprise visit to Nyayo House

    itel launches new colour-changing S23 smartphone

    itel launches new colour-changing S23 smartphone

    Korea seeks to connect Nairobi and Seoul through a direct flight

    Korea seeks to connect Nairobi and Seoul through a direct flight

    OPPO Kenya launches Reno10 series with pro-level camera system

    OPPO Kenya launches Reno10 series with pro-level camera system

    Google appoints Alex Okosi as new managing director for Africa

    Google appoints Alex Okosi as new managing director for Africa

  • Entertainment
    • All
    • Movie
    • Music
    President Ruto mourns ‘Sipangwingwi’ hit producer

    President Ruto mourns ‘Sipangwingwi’ hit producer

    #AfriVega: Your VIP access to celebrities and influencers

    #AfriVega: Your VIP access to celebrities and influencers

    Kate actress and Philip Karanja confirm end of marriage

    Kate actress and Philip Karanja confirm end of marriage

    Andrew Kibe’s YouTube account terminated

    Andrew Kibe’s YouTube account terminated

    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    “Young, Famous and African” renewed for Season 3

    “Young, Famous and African” renewed for Season 3

    Serena Williams, Alexis Ohanian welcome their 2nd baby

    Serena Williams, Alexis Ohanian welcome their 2nd baby

    Diamond faces new copyright claim for song “Enjoy” featuring Jux

    Diamond faces new copyright claim for song “Enjoy” featuring Jux

    More people are trusting TikTok for news more than traditional media

    Why petitioner wants TikTok banned in Kenya

  • Tech
    #AfriVega: Your VIP access to celebrities and influencers

    #AfriVega: Your VIP access to celebrities and influencers

    Apple unveils iPhone 15 with USB-C

    Apple unveils iPhone 15 with USB-C

    itel launches new colour-changing S23 smartphone

    itel launches new colour-changing S23 smartphone

    OPPO Kenya launches Reno10 series with pro-level camera system

    OPPO Kenya launches Reno10 series with pro-level camera system

    Police halt Worldcoin registration at KICC over security concerns

    Worldcoin: Kenyans claim eyesight issues and missing payments

    Google appoints Alex Okosi as new managing director for Africa

    Google appoints Alex Okosi as new managing director for Africa

    OPPO redefines photography with the sleek Reno10 series

    OPPO redefines photography with the sleek Reno10 series

    Civil societies protest parliament’s petition to ban TikTok

    Civil societies protest parliament’s petition to ban TikTok

    Infinix Zero 30 5G live images, key specifications leaked online ahead of global launch

    Infinix Zero 30 5G live images, key specifications leaked online ahead of global launch

  • Sports
    Shujaa secures Olympic qualification with stunning win over South Africa

    Shujaa secures Olympic qualification with stunning win over South Africa

    Ruto rallies Kenyans to attend Harambee Stars, South Sudan match

    Ruto rallies Kenyans to attend Harambee Stars, South Sudan match

    Former Man United player Paul Pogba suspended for doping

    Former Man United player Paul Pogba suspended for doping

    Kenyan Man United fan collapses after eating 15 boiled eggs in loss to Arsenal

    Kenyan Man United fan collapses after eating 15 boiled eggs in loss to Arsenal

    Asernal fan killed over match against Man United

    Asernal fan killed over match against Man United

    Fifa suspend Spanish football chief Rubiales over Hermoso kiss

    Fifa suspend Spanish football chief Rubiales over Hermoso kiss

    ‘Unbeatable’ Faith Kipyegon bags gold at World Championships

    ‘Unbeatable’ Faith Kipyegon bags gold at World Championships

    Arsenal beats Man City in penalty shootout to win Community Shield

    Arsenal beats Man City in penalty shootout to win Community Shield

    LeBron James’ son stable after cardiac arrest at practice

    LeBron James’ son stable after cardiac arrest at practice

  • Events
    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    Oktobafest set for Kenya, Uganda, Tanzania, and South Sudan

    OPPO Kenya launches Reno10 series with pro-level camera system

    OPPO Kenya launches Reno10 series with pro-level camera system

    Superior Homes Kenya empowers girls to end period poverty through the Nuru initiative

    Superior Homes Kenya empowers girls to end period poverty through the Nuru initiative

    Casa Vera set to host legendary band Les Wanyika

    Casa Vera set to host legendary band Les Wanyika

    Tecno opens new store at Garden City Mall in new expansion plan

    Tecno opens new store at Garden City Mall in new expansion plan

    Sebastien Ogier wins 2023 WRC Safari Rally

    Sebastien Ogier wins 2023 WRC Safari Rally

    Banseok Industry donates peanut peeling machines to 5 counties in partnership with KOTRA

    Banseok Industry donates peanut peeling machines to 5 counties in partnership with KOTRA

    We can’t have a Safari Rally in Naivasha bila sherehe says Ababu Namwaba

    We can’t have a Safari Rally in Naivasha bila sherehe says Ababu Namwaba

    President William Ruto flags off WRC Safari Rally 2023 Shakedown in Naivasha – PHOTOS

    President William Ruto flags off WRC Safari Rally 2023 Shakedown in Naivasha – PHOTOS

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CBK resumes charges for transactions above Sh100 via mobile money wallets

Naihaps by Naihaps
April 1, 2021
in Business, Featured
Reading Time: 2 mins read

The Central Bank of Kenya (CBK) has announced the resumption of charges for transactions above Sh100 effected through bank specific (in-house) mobile money wallets that are closely linked to the Savings and Credit Societies (SACCO) sector.

CBK said it has noted that the SACCO sector is deeply integrated to these wallets and accounts for a significant share of their transactions.

“Through them, banks provide SACCOs with an important bridge to the domestic and cross border payment systems. A recurring concern has been that the viability of these services may be adversely affected in the current price regime, given the inability to cover the underlying costs,” the regulator said in a statement on Thursday.

According to CBK, there is a significant risk for SACCOs and their extensive membership due to the lack of other alternatives to connect to the mobile money ecosystem.

The resumption of charges is expected to provide space to increase the connection options for SACCOs and will be subject to review by CBK against the pricing
principles announced on December 17, 2020 of customer centricity, transparency and disclosure, fairness and equity, choice and competition and affordability.

The principles were introduced on the expiry of the emergency measures waiving charges for low value mobile money person to person transactions below Sh1,000.

CBK said other measures on waiver of charges between mobile money wallets and bank accounts remained in force.

Banks in Kenya typically deploy two types of mobile banking wallets. In the first model, banks partner with payment service providers to utilize their mobile money
wallets to provide a variety of transactions through customers’ bank accounts.

In the second model, banks invest directly in their own in-house mobile banking wallets to facilitate mobile money and other wallet based financial services. This second model typically involves a third party as a technology provider.

CBK said it will continue to monitor developments and support the growth of the payments ecosystem to ensure choice, competition and affordability.

Post Views: 6
Tags: BanksMoney WalletsSACCOsSh100
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