Kenya: Mobile phone customer deposits hit Sh226 bn

Money Transfer

Cash deposits handled by mobile phone companies in three months between October and December last year totalled Sh226 billion, an amount equivalent to total clients' money held by KCB at the close of 2012.

Customer deposits into the country’s four mobile phone firms Safaricom, Airtel, Yu and Orange increased 10 per cent between October and December, a report released Thursday by the Communications Commission of Kenya showed.

The amount surpassed the cash held by Kenya’s biggest commercial bank as measured by clients’ money, KCB, whose total deposit is about Sh223 billion for its local operations.

“The mobile money transfer service continued to record tremendous growth during the period. The number of mobile money transfer subscribers grew by 9.4 per cent to 21.1 million up from 19.3 million recorded in the previous period,” said CCK in the report.

Though the CCK report did not break down the amount held by each telecommunications firm, Safaricom’s M-Pesa is by far the biggest accounting for the bulk of the deposits.