Kenya: Mobile banking more and more popular

Apr 21, 2015

Daily mobile payments hit Sh7.4 billion in February.

Mobile money's popularity is increasing in Kenya, with new official figures showing the average amount paid through mobile phones daily reached Sh7.43 billion (€73,7 million) in February, a new record from last December's Sh7.28 billion.

The Central Bank data also shows a total of Sh208.13 billion passed through mobile payment platforms in February, which remains 1.14 per cent lower than January's Sh210.54 billion given that this is a longer month, the Star reports.

The February average daily payments were 20.42 per cent or Sh1.26 billion more than 12 months ago when the daily average was Sh6.17 billion.

Meanwhile, average daily payments through payment cards averaged Sh3.68 billion in February, which is less than half of volumes through mobile devices.

Mobile banking was first introduced in Kenya in 2011, and had amassed three million users in December 2011. At the end of 2013, this figure reached nine million and according to estimates, over 13 million Kenyans were using mobile banking services by the end of 2014.

Meanwhile, Kenya counted 82.6 per cent or 33.6 million of mobile phone users as of last December.ADNFCR-2976-ID-801784350-ADNFCR