Africa Economy Kenya Mobile

Kenya’s mobile money use on record high in October

Kenyans transacted 528.9 billion shillings (about US$4.9B) on their mobile phones in October as usage rose considerably amid the COVID-19 pandemic, new Central Bank of Kenya data released on Monday showed.

The amount is the highest ever the East African nation’s citizens have reached via mobile money since the technology was started in 2007.

In September, usage stood at US$4.5B and in August US$4.35B, driven by various measures instituted by the government to curb COVID-19.

These measures include removal of charges on transactions that are 9.17 dollars and below, to curb cash use and free deposit of money from a mobile account to a bank account. The government also increased the daily transaction volume to 2,752 dollars from 1,376 dollars.

Also read: MTN Group records over 42 million growth in mobile money users across Africa

These anti-COVID-19 measures have helped bring onboard thousands of users who were left out due to high transaction fees.

Many citizens have also embraced e-commerce, shopping and paying bills using their phones.

The US$4.9B monthly transaction means citizens are moving US$163M daily.

The number of agents during the month topped 174,100, according to the apex bank, an indication of the importance of the sector as a job creator.

Source: CGTN Africa

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