Mobile Money Transaction Hits 3.7 Trillion Shillings

Kenya’s mobile money sector continues to balloon after the transaction hit 3.7 trillion shillings in a period of 12 months.

According to stats from the Central Bank of Kenya, between the month of April 2017 and March 2018, the amount transacted increased by 219 billion shillings from 3.48 trillion shillings.

The increase has been attributed to the increased uptake of mobile loans by Kenyans. Kenya has over 20 mobile apps that offer instant loans though at higher interest rates.

Kenya’s mobile sector has been growing over the years with the penetration now standing at more than 80 percent. Kenya has also been leading in terms of financial inclusion, all thanks to mobile.