The Central Bank of Kenya (CBK) has directed that the ‘purpose of payment’ field option in online and mobile banking transactions will become compulsory next month.

According to a statement, CBK stated that the new rule will apply to all Real-Time Gross Settlement (RTGS) payments effective 3 August.

“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,” CBK stated.

This directive was forwarded to banks, including the Standard Chartered Bank.

Further, the regulator highlighted that the current option to type for payment will no longer be available and urged customers to select appropriately.

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Additionally, the Bank 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, contact the bank’s contact center, or engage with the bank’s agents for any clarification they may need regarding the matter.