Skip to content
Money

Kenyan Mobile Money Transfer Grew by 20 Percent in 2015

BY Soko Directory Team · February 25, 2016 08:02 am

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.

 

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

Trending Stories
Government and Policy TSC Set To Promote 28,288 Teachers This Year Getrude Mathayo
Entrepreneur's Corner When the Days Grow Quiet: Why Men Must Plan For Their Old Age Steve Biko Wafula
Entrepreneur's Corner New Year, New Financial Goals With NCBA: Why Financial Literacy Is The Real Resolution Soko Directory Team
Government and Policy Education CS Releases KCSE 2024 Exams, How To Check Getrude Mathayo
Market News Kenyan Shilling Holding Forte This Njaanuary Dyer and Blair
Related Articles
Commodity Watch What Led To The Dropping Of The Price Of Super Petrol By Ksh 7? Juma
Commodity Watch Kenyans To Pay More For Tomato As Prices Spike Getrude Mathayo
Commodity Watch NCPB To Buy 90Kg Bag Of Maize At Ksh 4000 From Farmers Getrude Mathayo
Commodity Watch Government To Buy 1 Million Bags Of Maize At Ksh 4000 Per Bag Getrude Mathayo
Commodity Watch Maize Prices Continues To Drop, 2-Kg Tin At Ksh 80 In Bungoma Getrude Mathayo
Explore Soko Directory
Banking Blogging Commodity Watch Did you know Entertainment Entrepreneur's Corner Feature Government and Policy Headlines Investment Lifestyle Market News Money Opinion Press Releases Stock Watch Technology
Soko Directory Archives