Kenya Leads in Mobile Money Services

Kenya has been ranked top in the world in mobile money services, with a sizable number of adults being holders of mobile money accounts.

This is according to a report that was released by the World Bank 2014 Global Findex report. The report also revealed that Kenya was the first country to invent mobile money transfers and usage. 58 per cent of adults in the country have mobile money accounts, followed by Somalia at 37 per cent, Uganda at 35 per cent and Tanzania takes the fourth position at 32 per cent.

The report stated that the 75.3 per cent of the Kenyan population are currently using mobile money, which shows a rise from 2009 where it was at 26.1 per cent in the year 2009.

It further stated that eight out of every 10 Kenyan adults possess bank accounts, where they make transactions through their mobile phones. South Africa took the send position with 70 per cent, Nigeria 44 per cent then Ghana with 40 per cent.

M-pesa was the first mobile money transfer service that was launched in Kenya on March 6, 2007. There is a good number of banks accessible to most people in the country but many of them seem to prefer the use of mobile banking as it is accessible to them at any time.

M-pesa paved way to other mobile money services like Airtel money among others in the country. People in the rural areas to can now save money easily, which was not the case in the past. The report said that almost twice the number of Kenyans, compared to banks and informal groups, prefer mobile money services.

The World Bank report urged mobile money providers to step up as there is still more that need to be done. It outlined some of the areas to be ventured including digitizing payments for utility bills like agriculture sales, shopping, school fees electricity and water.

Article by Juma Fred.