×
× Digital News Videos Opinion Special Reports Lifestyle Central Coast Eastern Nairobi North Eastern Nyanza Rift Valley Western Business News Stocks Financial Standard Africa Asia America Europe Weird News Editorial Commentary Letters Crazy World Features Entertainment Money & Careers Health & Science Sci & Tech Home & Away Generation Next Cartoon Education Pointblank Environment Travel & Destination Columns Kipkoech Tanui uReport Kiambu Murang'a Nyandarua Kirinyaga Nyeri Baringo Bomet Elgeyo Kajiado Kericho Laikipia Nakuru Nandi Narok Samburu Trans Nzoia Turkana Mombasa Kwale Kilifi Tanariver Taita Taveta Kakamega Vihiga Bungoma Busia Siaya Kisumu Homabay Migori Kisii Nyamira Nairobi Uasin Gishu West Pokot Sunday Magazine The Hague Trial Kenya @ 50 Education and Training Health and Environment Insurance and Financial Security Housing Current Affairs Humour Makau Mutua David Oginde Clay Muganda Comand Your Morning Mohamed Wehliye Wednesday Life Alexander Chagema Arts & Culture Kamotho Waiganjo Barrack Muluka Xn Iraki Urban Rights - By Steve Ouma Branding Voice KCB Fredrick Ogola Sunday Magazine Wanja Kavengi Njoki Kaigai David Oginde Ken Opalo Daisy Maritim Houghton Irungu Hustle News Group Stages Round of 16 Quarter Finals Semi Finals Finals Third Place play-offs Opinion Dr Pesa Podcasts Round Table Sepetuko Eve Woman Ramadhan Special Fact Check Correction Explainers The Standard Insider Blog E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Virus cuts mobile money transactions to 2-year low

By Frankline Sunday | June 2nd 2020 at 12:00:00 GMT +0300

Mobile money transactions fell in the last two months as more households tightened their belts in the wake of the Covid-19 pandemic.

According to the Kenya National Bureau of Statistics (KNBS) data, the total value of mobile money transactions fell from Sh364 billion in March to Sh307 billion in April as coronavirus ravaged the economy.

The total number of transactions for the month of April stood at 124.9 million, down from 150 million in the previous month and representing the lowest mobile money transactions in two years.

This comes even as telecommunication service providers ramp up offerings for mobile money services in a bid to discourage subscribers from using cash to stop the spread of Covid-19.

Last month, leading mobile services provider Safaricom waived transaction fees for amounts less than Sh1,000 and raised transaction limits as part of the company’s efforts to help fight the pandemic.

Commercial banks have also encouraged their customers to use mobile banking applications for making transactions and settling payments.

However, curfew and lockdown measures imposed across the country have had a chilling effect on the economy, with hundreds of thousands of breadwinners losing their jobs or being sent on unpaid leave.

This has had a direct impact on thousands of households, particularly those living in rural areas, who rely on remittance from their working relatives.

Data from financial regulator Central Bank of Kenya indicates that diaspora remittances have dropped from Sh259 billion in January this year to Sh208 billion in April. “Broad money supply (M3), a key indicator for monetary policy formulation, increased from Sh3.661 trillion in March 2020 to Sh3.695 trillion in April 2020,” explained the KNBS in part. 


Read More

Feedback