× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts 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 Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Cash remains popular mode of payment despite growth in digital payments

A new report from Financial Sector Deeping (FSD Kenya) indicates more than 92 per cent of people working in the country’s agriculture sector and 94.6 per cent of entrepreneurs receive their payments in cash. Further, 43.3 per cent of consumers in formal employment receive their payments in cash.PHOTO:COURTESY


Cash remains the most popular mode of payment in Kenya despite the rapid growth in digital payment platforms.

A new report from Financial Sector Deeping (FSD Kenya) indicates more than 92 per cent of people working in the country’s agriculture sector and 94.6 per cent of entrepreneurs receive their payments in cash. Further, 43.3 per cent of consumers in formal employment receive their payments in cash.

The findings contained in the 2016 FinAccess Household Survey further indicate only 1.3 per cent of business owners receive payments through bank transfers, while 3 per cent receive payments through mobile money.

The report comes days after the Central Bank of Kenya revealed that mobile money transactions went up by 18 per cent in 2016 to hit Sh3.3 trillion. This means Kenyans transacted more than Sh9 billion a day.

Still, the findings of the FSD Kenya report indicate the economy is still largely cash-driven, a factor that experts say e

 

 

Share this story
Samsung Group chief to be charged with bribery, embezzlement amid scandal
South Korea's special prosecutor's office said on Tuesday it will charge Samsung Group chief Jay Y. Lee and four other executives with bribery and embezzlement amid a political scandal that has rocked the country.
Dog walking becomes the newest hustle in town
Dog walking is now a status symbol. Owning a pet is cool. I nowadays meet lots of Kenyans and foreigners walking their dogs and some running.
.
RECOMMENDED NEWS
Feedback