Central Bank of Kenya has issued guidelines allowing larger transfers for the mobile money industry as it emerged that operators transacted an unprecedented Sh76 billion last December. The draft guidelines for mobile and other electronic money issuance and transfer services are meant to protect consumers and provide minimum standards of operations in the e-money sector.

The rules propose that retail transfers be capped at Sh100,000, giving room for all providers to review their limits upwards once the draft becomes law. Industry players are slated to review the draft before they are considered for gazettement.