Government to raise Sh140,000  mobile money transfer limit

Business Daily Kenya: 

Treasury CS Henry Rotich. Photo/File

National Treasury Cabinet Secretary Henry Rotich has announced plans to raise mobile money transfer limit by 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 inside coming months having a view to raising the item after a vigorous due diligence process to commence soon,” Rotich said.

that will, the CS added, will expand opportunity for the unbanked to save in addition to also make more money by transacting larger amounts through the bond.

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

“To make the item 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 will bond will be incorporated into the basket of Treasury Infrastructure bonds that will are issued periodically.

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

The Sh1 billion bond having a green shore option of Sh3.85 billion opened yesterday in addition to also will run for 21 days.

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Government to raise Sh140,000  mobile money transfer limit

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