Mobile money transfer in Kenya continues to gain popularity as the volume of money transferred through mobile grew by 20 percent last year. Kenya has claimed a global identity as one of the key countries whose most sectors have embraced the use of mobile money. Most Kenyans now use mobile phones to pay bills and services, mostly in sending and receiving money with the sector of buying and selling through mobile still yet to gain root.
According to data released by the Central Bank of Kenya, last year alone, mobile money transfers grew to 2.8 trillion shillings from 2.3 trillion shillings in the year 2014 with economic analysts foreseeing a more growth this year.
Breaking down the amount transacted via mobile by Kenyans last year, it implies that Kenyans transacted 235 billion shillings per month. Breaking this further bring the amount to 7.7 billion shillings per day. In the year 2014 during the same period, the transaction stood at 6.5 billion shillings per day.
The number of Kenyans who own mobile sets has grown significantly and this has been facilitated by the drop in prices of the handsets. At the moment, with less than 1000 shillings, one can own a money transfer enabled phone. According to records at the Kenya Bureau of Statics, a total of 31.6 million shillings are mobile money users. At the moment, there are six mobile money transfer platforms namely M-PESA, MobiKash, Orange Money, Airtel Money, Tangaza as well as Equitel. According to the records at the Central Bank of Kenya, there is a total of 143,946 mobile money agents across the country as at the end of the month of December, the year 2015. Equitel was the new entrant in the mobile money transfer, becoming the first bank in the country to institute its own mobile money transfer platform.
Article by Juma Fred.