GSMA, Mobile for Development latest report indicate that the number of mobile money users in Kenya has surpassed 23 million.
The report forms part of the membership-driven organization’s mobile money for the unbanked (MMU) programme established to encourage co-operation and collaboration between mobile operators and the financial industry to make sure that the delivery of affordable services to the un-banked market.
In an MMU blog these information is connected to technological innovation, which, together with an accommodating policy environment and appropriate oversight, is said to improve the level of financial enclosure and economic growth.
“Mobile money has over the years grown from a money transfer platform to a payment platform and now many new products ride on the M-PESA platform. Some of those products, like M-Shwari, allow low-income and unbanked people to accumulate capital through savings and affordable credit,” states the posting.