Mobile Money Payments Spikes By 108 Billion Shillings in 6 Months

Kenya has been hailed for being a global leader when it comes to mobile money transaction, holding the first position as a leader in financial inclusion for more than 10 years.

The recent from the Central Bank of Kenya now indicate that mobile money transaction in Kenya increased by 108.86 billion shillings in a period of the first six months of 2018.

Mobile money transactions in the country have now hit 1.92 trillion shillings in a period between January and June 2018. This is an increase from 1.81 trillion shillings recorded between January and June in 2017.

According to CBK’s data, the increase in mobile money transactions translates to an average transaction of 10.6 billion shillings daily.

Kenya’s mobile money subscription now stands at 44.1 million, a 95.1 percent penetration according to stats released in March 2018 by the Communication Authority of Kenya (CA).

Monthly settlement stood at an average of 320.10 billion shillings, an increase of 18.15 billion shillings compared to the same period in 2017. The monthly average in June closed at 317.41 billion shillings, from 313 billion shillings and 300.85 billion shillings in April and February respectively.