Kenyans moved a record of 3.35 trillion shillings via mobile Money in FY 2016 compared to 2.82 trillion shillings in FY 2015 according to the latest data from the Central Bank of Kenya (CBK).
In January 2016, a total of 108.13 million transaction were done that led to a total of 243.37 billion shillings being transferred through the channel. By December, the value of the amount of money transferred through mobile money had hit 316.80 billion shillings from 146.20 million transactions.
According to the CBK statistics, an average of 280 billion shillings were transacted through various mobile money platforms available per month. On a daily basis, a total of 9.2 billion shillings was being transacted compared to the 7.7 billion shillings moved daily through the same platform in the full year of 2015.
Mobile banking apps such as M-Shwari, Equitel, M-Co-op Cash, and KCB M-Pesa have greatly transformed how Kenyans access loans, and consumers no longer need to fill lengthy paperwork, pledge collateral or undergo vetting by a mean looking credit officer.