Kenya recored Sh2.87 trillion worth of mobile money transactions in the first eight months of the year, representing a 10.3 percent rise over 2018 transactions worth Sh2.6 trillion in a similar period.
The just-released Central Bank of Kenya (CBK) data indicates increased provision for services payable via mobile money informed the rise. Kenyans settle payments for services received and goods bought locally as well as abroad via mobile money.
Payment of school fees, retail purchases, utilities, online books as well as increased adoption of mobile money payment services for public transactions has informed higher movement of money via mobile phone payment platforms.
The platforms have also been embraced by lender-only companies operating via mobile Apps that have seen Kenyans access loans without the need to visit a bank branch.
Several global money transfer platforms such as Western Union, WorldRemit as well as Google’s Android, Opera and Apple Playstore have fueled use of mobile money due to its enhanced reach across the country.