Kenya proposes ban on cashless-only payments below $775 under new bill
- Kenya may soon outlaw cashless-only transactions for everyday purchases under a proposed law.
- The Central Bank of Kenya (Amendment) Bill, 2025, is sponsored by MP Caroli Omondi.
- The bill mandates businesses to accept cash for transactions below $775.
The proposed law reflects a significant concern for inclusivity in financial transactions, especially for vulnerable populations. However, it also poses challenges to the ongoing digital transformation in Kenya, which could hinder economic efficiency and innovation. A balanced approach is needed to ensure that both cash and digital payment systems coexist effectively.
