Government to raise Sh140,000  mobile money transfer limit

Business Daily Kenya:  National Treasury Cabinet Secretary Henry Rotich has announced plans to raise mobile money transfer limit from the c...

Business Daily Kenya: 

Treasury CS Henry Rotich. Photo/File

National Treasury Cabinet Secretary Henry Rotich has announced plans to raise mobile money transfer limit from the current Sh140,000 per day.

He said the ceiling was limiting how much Kenyans without bank accounts could save through he mobile phone-based retail bond M-Akiba.

“We will review the current mobile money limit of Sh140,000/- per day in the coming months with a view to raising it after a vigorous due diligence process to commence soon,” Rotich said.

This, the CS added, will expand opportunity for the unbanked to save and make more money by transacting larger amounts through the bond.

Rotich said the government will be issuing M-Akiba regularly to make it the best saving instrument for Kenya.

“To make it the best saving vehicle in Kenya, the government will issue the bond periodically - either bi-monthly or quarterly depending on the uptake trend,” Rotich said when he launched the Sh1 billion second phase of the government debt instrument in Nairobi.

He added that bond will be incorporated into the basket of Treasury Infrastructure bonds that are issued periodically.

“This way, every Infrastructure Bond issuance going forward will now include a portion set aside for Wanjiku – M-Akiba,” he said.

The Sh1 billion bond with a green shore option of Sh3.85 billion opened yesterday and will run for 21 days.

The post Government to raise Sh140,000  mobile money transfer limit appeared first on Mediamax Network Limited.

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