The disclosures, contained in CBK's latest annual report, shed light on the behind-the-scenes operations to rescue struggling lenders from sinking.

The loan will help smaller businesses across a range of sectors in Kenya access financing for working capital, expansion, and to weather the effects of COVID-19.

The increase in remittances comes despite the impact of the pandemic on wages and employment across the world.

Faced with challenges, a growing number of vendors in Kenya's slums turned to credit unions and savings groups, which could provide loans without collateral, to boost their businesses.

The loan aims to help the bank increase lending for climate-friendly projects and to smaller businesses, especially those owned by women.

Kenyans transacted 528.9 billion shillings (about $4.9 billion) on their mobile phones in October as usage rose considerably amid the COVID-19 pandemic, new Central Bank of Kenya data showed.

Up to 10,000 buses to become cashless with O-CITY's M-Pesa-based ticketing solution.

The huge surge is attributed to a government measure instituted to curb COVID-19 spread by encouraging the use of mobile money payments.

TerraPay and Visa have today announced a strategic partnership that aims to develop and deliver payment solutions to drive financial inclusion and cashless transactions for domestic payments in Kenya and global remittances to Kenya.

Kenya has undertaken policy reforms that directly benefit many low-income Kenyan households.