Mobile money uptake soars in Kenya


Mobile payments

from MARIA MACHARIA in Nairobi, Kenya
NAIROBI, (CAJ News) – KENYA’S mobile money uptake has grown significantly to Sh 2,37 trillion in 2014, the Central Bank of Kenya (CBK) revealed.

This is up from Sh 1, 9 trillion.

According to statistical data from the central bank, the latest transaction represented a 24,7 per cent increase within a period of 12 months, a development that shows mobile technology is fast claiming its market share in the financial sector.

The latest figures also confirm the estimated daily transactions of Sh6,49 billion as compared to Sh5,21 billion daily average during the year 2013.

Kenya’s mobile transaction uptake sharply overtook the banks’ ATMs, which only managed Sh 801 million in December as compared to a whopping Sh16,51 billion in December of the previous year.

The central bank confirmed that the ATM card’s poor performance in the face of competition from mobile phone fell by 77,9 per cent, which translates to Sh38,09 billion in the year 2014 as compared to Sh171,93 billion in 2013.

However, the central bank also noted that the sharp increase in mobile money transfers were boosted by regulatory compatibility, such as licensing of Finserve Africa, Zioncell Kenya and Mobile Pay.

– CAJ News

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Posted by on Feb 18 2015. Filed under Featured, Finance, Finance & Banking, Mobile & Telecoms, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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