In a bid to encourage the use of digital payments and reduce the usage of paper money to reduce coronavirus transmissions, Safaricom, Kenya’s largest telecom and mobile money provider, M-PESA, has waived transaction fees for any amounts below KES 1, 000 ($10) for the next 90 days.
This means that it will be free to send and receive KES 1, 000 for the next 90 days.
The move is also expected to support small and micro-enterprises (MSMEs) as it helps them now hold up to KES 300, 000 (Approx. $3,000) in their digital wallets, up from only KES 150, 000 ($1, 500).
The recent coronavirus pandemic has seen many more countries encourage more use of mobile money and digital means and less of physical cash which has been shown to transmit the virus.
While this publication has advocated for the use of digital payments like Bitcoin and other cryptocurrencies since inception, it is commendable to see this move gain momentum with this directive in a bid to not only reduce infection rates of the virus, but also make it more seamless to transact and trade.
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