The CBK is reluctant to increase the limit due to concerns that the platforms may be used to launder money and finance terrorist activities.

“The current limit is adequate, with respect to the current regulatory environment,” Telkom Kenya chief executive Aldo Mareuse said Tuesday.

Treasury secretary Henry Rotich in March 2017 said there were plans for an upward review of the ceiling to allow increased investment in government mobile-based retail infrastructure bond M-Akiba.

“We are discussing with the Central Bank of Kenya to see to what extent we can increase the daily limit to allow higher purchases,” said Mr Rotich at the launch of the bond.

The government last year raised Sh397.47 million out of the Sh5 billion it had targeted from the sale of the bond exclusively sold via mobile phones.

Currently, one is allowed to send up to Sh70,000 per transaction and maintain a maximum account balance of Sh100,000.

“We keep trying (to have the ceiling raised),” Safaricom chief executive Bob Collymore said last Friday

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