NAIROBI, Kenya, July 28 – The Central Bank of Kenya (CBK) has now announced that the ‘purpose of payment’ field option in online and mobile banking transactions will now be mandatory from next month.
In a statement, the CBK stated that this new rule will apply to all Real Time Gross Settlement (RTGS) payments beginning on 3rd August.
This directive was forwarded to banks, including the Standard Chartered Bank, among others.
CBK has further spotlighted that the current option to type for payment will no longer be available and has urged customers to ensure that they select appropriately.
CBK has further asserted that this new move will be pivotal in ensuring a smooth transaction process in all domestic RTGS payments.
Customers have been urged to contact their respective bank service manager, reach out to the bank’s contact center, or engage with the bank’s agents in case of any clarification they may need regarding the matter.
“The Central Bank of Kenya has Introduced a new regulatory requirement for all domestic RTGS payments. Starting 3rd August 2024 the purpose of the payment field on your online banking and SC mobile App payment transactions will be a mandatory drop-down menu, with options for your selection,” she stated.
