Kenyans Kshs 6.2 Billion Transacted Daily Through Mobile Money

Aug 2014
Kenya, August, 11 2014 - Kenya’s mobile money transactions are expected to set another record this year after deals worth more than 1.1 trillion shillings were conducted in the first six months of this year.

This is 250 billion shillings more than the value of transactions of a similar period last year.

Data from the Central Bank of Kenya indicates that the largest mobile money transactions in the period were recorded in May, at 198 billion shillings.

Thanks to the innovation made in Kenya seven years ago, mobile phone transactions continue to register tremendous growth with many people using mobile phones to pay bills, transfer money and receive salaries in many parts of the world.

And Kenya is the un-paralleled leader in this front registering more mobile commerce than any other country in the world. And the latest statistics from the Central Bank of Kenya points to a record breaking transactions this year.

From January to June this year, there transactions worth more than 1.1 trillion shillings with Safaricom’s M-Pesa platform taking the lion share.  This is a new high for the record-breaking Kenya in mobile money use, with the figure surpassing those of a similar period last year by 250 billion shillings. The largest mobile money transactions in the period from January to June were recorded in May, at 198 billion shillings.

The boom can be attributed to the opening of schools during the month after holiday, as many Kenyan parents are using mobile money to pay schools fees. Between January and March, Kenyans transacted 541 billion shillings, while in the April to June period, the transactions increased to 576 billion shillings.

The growth cements Kenya’s position as the top user of mobile money across the world. Last year, Kenyans transacted 1.9 trillion shillings indicating that more people prefer to use mobile phones over commercial banks to transact.

Three more new players, Zioncell, Tangaza Pesa and Finserve are expected to start their operations this quarter after they received their license from the Communication Authority of Kenya in April to operate mobile virtual network. Apart from Mpesa, the other players are Airtel money, yuCash, Orange Money, MobiKash and Tangaza Pesa.

During the period under review, mobile money subscribers also increased from 25.5 million in January to 26 million at the end of June. Over 6,600 agents have joined the sector since January raising the number of agents in the country to 120,781 in June this year.

Source : KBC

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