Ease of use 'leads to mobile banking increase' in Kenya

Jan 09, 2012

The ease with which people can sign up to mobile banking is encouraging uptake of the solution in Kenya.

New figures from the Communications Commission of Kenya (CCK) revealed 83.9 per cent of those who signed up to a mobile phone service during the third quarter of 2011 also subscribed to money transfer solutions, Business Daily reports.

At the end of September, 18.4 million of the country's 26.5 million mobile phone owners used mobile money.

There was also 5.9 per cent growth in the number of deposits made through such services compared with the previous quarter, the data showed.

It was suggested by the CCK that this popularity is due to the solution's "accessibility and affordability even to low-income earners".

The figures support comments made by the Central Bank of Kenya, which stated: "For retail payment systems, mobile money transfers are today the most widely used mode of payment in Kenya followed by the use of plastic cards."

Kenya is not the only country experiencing a growth in mobile banking uptake, as Vice-President and Global Head of Client Services for Finacle Software Sanat Rao told This Day handsets are increasingly being used to make transactions in Nigeria.ADNFCR-2976-ID-801259037-ADNFCR