Central Bank of Kenya
Central Bank of Kenya Cracks Down on Flutterwave, Chipper
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Eazzy Banking App Grows 222% as Digital Banking Explodes in Kenya
Image sourced from Kenya Online News. /* custom css */ .tdi_4_00d.td-a-rec-img{ text-align: left; }.tdi_4_00d.td-a-rec-img img{ margin: 0 auto 0 0; } The Central Bank of Kenya (CBK)’s Bank Supervision Annual Report 2020 noted that there was a notably high adoption of digital financial services by consumers during the beginning months of the pandemic in the country. This is believed in part due to consumers seeking channels for financial transactions with minimal physical contact, a necessity in remaining safe and socially distant as COVID-19 waves fluctuate. Now according to Techweez, the digital banking services provided by Equity Bank Kenya are now ahead of its traditional banking in terms of sheer volumes transacted. This comes via an announcement made when the lender revealed its Q1 20...
M-PESA is Close to a 99% Market Share in Kenya
Sourced from Tech Weez. As of 31 March 2020, the number of registered mobile money subscriptions in Kenya was 29.1 million. This space is dominated by Safaricom with M-PESA having a 98.8% market share. The Communications Authority of Kenya (CA) reports that Airtel Money comes in a far, far second at 1.1%, and third is T-Kash at a 0.05% share. Equitel, which is regarded more as a banking product than a mobile money service was not ranked by the CA. Launched in 2007, M-PESA has become a Kenyan stable, with Tech Weez writing that as of right now the service and its products are symbiotic with the country’s economy so far as to be impossible to run a business without it, or any other mobile money platform. M-PESA’s success has also firmly planted Kenya in the world map, the service is consider...
Central Bank of Kenya Lengthens its COVID-19 Emergency Mobile Money Measures
Sourced from Forbes. The Central Bank of Kenya announced that it will extend the measures placed on mobile money transactions put forth back in March. Charges for mobile money transactions of up to KES1000 ($9,39) and the withdrawal of money between bank accounts and mobile money wallets. These emergency measures were put in place due to the COVID-19 pandemic and subsequent lockdown in Kenya. The initial announcement had the measures in place until 1 July 2020, but now the Central Bank is increasing the duration of the measures by 5 months until the end of the year, 31 December 2020. The Central Bank of Kenya says that in line with these measures: /* custom css */ .tdi_3_5fc.td-a-rec-img{ text-align: left; }.tdi_3_5fc.td-a-rec-img img{ margin: 0 auto 0 0; } There will be no charge for mobi...
