THE Central Bank is proposing to start investigating all mobile money transfer services above Sh300, 000 a week, a move that may see business people affected for fear of unnecessary interference.
This is less by three times the current maximum allowable limit of Sh980, 000 on services such as Mpesa, Airtel Money, Orange Money and Yu Cash.
CBK says the decision will help to fight money laundering and stop the risk of terrorism financing. Any account exceeding a daily turnover of Sh100,000 will also be investigated, says the Mobile money Anti-Money Laundering Guidelines published by the CBK this week.
Users of Mpesa, the most popular mobile money service used in the country are going to be affected most. Currently, an Mpesa user can send up to Sh140, 000 daily but split the amount into two.
If the new rules are effected this could mean that an M-pesa user is only safely allowed to send Sh42,857 per day, a move that will greatly incovenience most businessmen in the informal sector who rely on the system to send and receive cash for services and goods. Any amount above that may be subject to investigations.
Detailed news link: click here
Link to the proposal from Central Bank of Kenya: Anti-money Laundering Regulation for the provision of Mobile Payments