Last updated on March 30th, 2020 at 01:11 pm
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Following the second case of coronavirus recorded in Kenya, Safaricom, Kenya’s largest telecom and mobile money service provider M-PESA will no longer charge transaction fees for amounts below KES 1,000 ($10) for the next 90 days.
According to the Press Release, Safaricom will now allow free sending and receiving of Kenyan Shillings (KES) below 1,000 for the next period of 90 days so as to encourage Kenyans not to use paper money amidst the coronavirus outbreak.
The safety move from Safaricom is also expected to support small and micro-enterprises (MSMEs) allowing them to hold up to KES 300,000 in their digital wallets. Now they can process daily transactions from the current KES 70,000 daily limit to only KES 150,000.
Just yesterday, the President of Kenya, Uhuru Kenyatta has encouraged Kenyans to always use digital money and avoid the use of paper money to avert the transmission of coronavirus.
Meanwhile, this new development shows a positive light for cryptocurrency and the use of Bitcoin for processing transactions in the country. Moreover, Kenya accounts for the highest Bitcoin trading activity in the East Africa.
Just in, the Central Bank of Nigeria held a few minutes press conference stating six initial policies that will be put into effect to help avert the effects of coronavirus on the economy.
These initi6 initial policy responses to combat Covid-19 negative impact on economy includes;
- Extension of moratorium on loans
- Interest rate reduction.
- Creation of N50bilion fund.
- Credit support for healthcare sector.
- Regulatory forbearance.
- Strengthening of Loan to Deposit Rate policy.
