Kenya: Central Bank's Circular No. 6 on resumption of charges for transfers between mobile money wallets and bank accounts entered into force

On 1 January 2023, the Central Bank of Kenya (CBK)'s Banking Circular No. 6 of 2022 on the resumption of charges for transfers between mobile money wallets and bank accounts came into force. The purpose of the circular, which was issued on 5 December 2022, was to advise banks on the expiry of the emergency measure that had eliminated charges due to the COVID-19 pandemic until 31 December 2022 and to outline the new, reduced charging structure. Banks were instructed to apply to the CBK for the resumption of these charges, notify their customers of the changes, and ensure that the new charges were displayed and communicated.