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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.
As the government faces the challenge of reorganizing its spending priorities to raising money to enable it feed up to two million people facing drought in the country, farmers in Nyeri are yet to realize the full impact of the drought ravaging parts of the country. Production of tea in the area is still high owing to the good rains experienced towards the end of last year. However, if the long rains do not come as anticipated, then the farmers may face a less than rosy future.