× 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

Kenya mobile money transfer hits Sh2.3 trillion

By Xinhua | December 31st 2015

Kenyans transacted Sh2.3 trillion ($23 billion) on mobile money in the period leading to October, a rise of Sh408 billion ($4 billion) from a similar period last year, latest data from the Central Bank of Kenya shows.

The 10-month transactions, which are equal to what the nation’s citizens transacted in the entire 2014, indicate the country is set to break a new record on use of mobile money this year. The country holds the global record on mobile money use, which has made the country to offer lessons to other nations on the use of technology.

Kenyan citizens use mobile money to pay bills, loans, save, transfer money from their bank accounts, pay school fees and public transport vehicles fare. Mobile money is, therefore, at the heart of every transactions Kenyans make, stifling the use of plastic money, though cash is still the king.

During the 10 months, according to the CBK data, the highest transaction was recorded in October, where Sh256 billion ($2.51 billion) was moved via the mobile phone. This was the first time in the history of the technology that such amount of money has been transacted on the phone in the East African nation.

On the other hand, the lowest transaction was recorded in February, where about Sh209 billion ($2.04 billion) was moved.

Share this story
Roads upgrade to facilitate East Africa regional transport
Upgrading of the East Africa Regional Transport, Trade and Development Facilitation Project well known as the South Sudan Link Development Corridor is set to start soon with the Kenya National Highways Authority (KeNHA) having called for contractors to bid for works for the upgrading of Loichangamatak to Lodwar a section of the 338km.
Absa Bank net profit for 3 months up 24pc
The performance was mainly driven by growth in interest income, particularly in the small and medium enterprises.