The convenience of mobile payments continues to appeal to the market. It has proved easy and most of all a secure channel for Kenyans to transfer of money, payment of bills, school fees, making savings as well as borrowing money.
In the first 11 months of 2013, Kenyans transacted more than ksh1.7 trillion that represents a 23.7 per cent increase from 2013’s 1.4 trillion in the same period in 2012. This surpassed the country’s budget this financial year, which is sh1.6 trillion.
Financial institutions have increasingly taken up mobile money transactions by creating platforms such as Safaricom’s M-shwari and lipa na Mpesa, Kenya Commercial Bank’s M-Benki and Family Bank’s PesaMob.
“We are happy with such growth and it definitely means Kenya is slowly moving into a cashless society. Mobile money has become a way of life for more Kenyans and there is still big room for growth,” stated Safaricom’s CEO Bob Collymore.
Mobile transactions stand at sh3billion daily while the number of mobile money agents stood at 112,947 claiming a 50 per cent increase from 2012’s 75,226, which has consequently boosted the transactions.
