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Originally published by Nation Businessbusiness
October 18, 2024
11mo ago
Digital payment firms shed 1.5 million users on higher taxes, controls

Several changes in the mobile money sector, including increase of excise duty, made transactions more expensive for users...
✨ Key Highlights
Digital payment firms in Kenya experienced a significant loss of at least 1.5 million mobile money users due to increased taxes and stricter controls by the Central Bank of Kenya, aimed at combating money laundering.
- Active mobile money users dropped from 32.9 million in December 2022 to 31.4 million by December 2023.
- Implemented changes included raising excise duty from 15% to 20% and increasing daily transaction limits to Sh500,000.
- Total reported cyber threats reached 2.3 billion, highlighting the increased risks associated with the digital payment landscape.
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