The Kenyan authorities launched a directive via the nation’s apex financial institution to encourage the usage of cellular cash. With impact from March 16, monetary establishments are anticipated to take away fees on cellular cash transactions.
Press launch: Emergency Measures to Facilitate Cellular Cash Transactions
In response to the order, there will likely be zero fees on all transactions as much as Ksh 1,000. Along with this, cellular cash switch restrict has been elevated to Ksh 150,000. Subsequently, the each day restrict is raised from Ksh 140,000 to Ksh 300,000. whereas month-to-month restrict has additionally been stopped.
There’s extra, business banks and cost service suppliers are directed to cease fees on all transfers from cellular cash wallets and financial institution accounts. This directive is anticipated to run from March 16 to April 30.
That is approaching the again of elevated circumstances of coronavirus (Covid-19) globally, and the order was significantly on account of this. The directive shouldn’t be solely anticipated to assist cut back the alternate of money from hand handy, however it’s going to additionally reduce money circulation, thus, imparting the economic system cashless coverage progress.
In Africa, Kenya is one nation that has largely adopted cellular cash. The world bank established that 80% of its inhabitants has an account whereas the United Nations Convention on Commerce and Growth (UNCTAD) confirmed that 78% of the inhabitants makes use of cellular cash. Therefore, this transfer is anticipated to have a lot affect.
In the meantime, Airtel cellular cash already adopted this mandate. Asides implementing the waivers, the cellular communication firm additionally arrange a toll-free line for nationals to entry data and updates concerning the COVID-19 pandemic.
Kenya presently has a lot of corporations enjoying in its cellular cash market. Apparently, Safaricom and Telkom have additionally keyed into this initiative, simply that it solely applies for transactions beneath Ksh 1000.
Whereas this may not be an efficient palliative measure in different African international locations that may hardly boast of a financially inclusive economic system, another steps can as nicely be adopted to scale back public conferences. Notable cases are corporations which have suggested that their workers work at home.
One other working example is Nigeria. The nation’s centre for illness management, NCDC, has additionally released a notice that mass gatherings might quickly be restricted if the COVID-19 pandemic case worsens. It goes additional to advise on precautions that ought to be adopted throughout public gatherings. In the meantime, Nigeria has reported its third confirmed case of coronavirus.