Kenyas' Mobile Money transactions Hit $16 Billion in Q3

5 January 2018

Money Transfer

Kenyans transacted Ksh1.7 trillion ($16,4 billion) over their phones in the quarter through September 2017, a 54.5 per cent increase from a similar period last year as subscribers increasingly used mobile money to pay for goods and services.

Data from the Communications Authority (CA) shows that the value of mobile commerce transactions grew significantly faster than person-to-person transfers.

While the value of mobile commerce jumped 60 per cent, person-to-person transfers grew 14.7 per cent in comparison to a similar period last year.

Measuring against the previous quarter, the value of total mobile transactions grew by 36 per cent.

These levels of growth were unexpected given the overarching economic sluggishness during the elections period. Read the full article here.

Source: Business Daily