Kenya to Raise Threshold for Cash Transactions
Recognising the importance of cash to small businesses, Kenyan President Uhuru Kenyatta has instructed the finance ministry to raise the threshold at which commercial banks are required to report cash transactions.
The move—aimed at supporting medium and small businesses—will increase the limit above which banks must document and report cash transactions to the Economic and Financial Crimes Commission. The present amount is one million shillings ($9,000/€7,850), and the new limit has yet to be announced.
Cash remains an important payments channel for medium, small and micro enterprises, representing 80 percent of all their transactions.