Bulk cash transactions hit a record Sh3.67trn in June
There exists an informal money lending ‘Shylock’ system across the country in addition to non-deposit taking mobile money lenders.
Photo credit: Jeff Angote | Nation Media Group
What you need to know:
Real-time bank transfers of more than Sh1 million touched a new monthly record in June amid economic recovery.
Data shows that the average value for each bank transaction hit Sh6.03 million, which is the highest since September 2020 when it stood at Sh6.24 million.
The CBK requires banks to strictly process and settle payments from Sh1 million through the real-time RTGS/ KEPSS system where cash reflects within four hours of getting instructions.
Real-time bank transfers of more than Sh1 million touched a new monthly record in June amid economic recovery and enhanced political campaign spending ahead of the August 9 General Election.
Transactions cleared and settled through the Kenya Electronic Payments and Settlement System and Real Time Gross Payment System (KEPSS/RTGS) amounted to Sh3.67 trillion in June, according to the latest statistics by the Central Bank of Kenya (CBK).
