Kenya: Mobile money firms transferred Sh1.9trn between April and June - report

19 October 2018

Money Transfer

Kenyans are increasingly adopting a cashless system having used Sh1.43 trillion to pay for goods and services through their mobile phones between April and June this year, fresh official data has shown.

Data by the Communications Authority shows this was about 73.96 per cent of the total value of cash moved through mobile phones during the review period at Sh1.92 trillion.

The data further shows Kenyans money used to pay for goods and services more than doubled, growing by Sh739.64 billion when compared to the same period last year.

Safaricom took the bulk of the share where M-Pesa accounted for 76.87 per cent of the mobile commerce transactions valued at Sh1.09 trillion, the CA quarterly report showed.

This was a 10.15 per cent increase for the giant telco which commanded 66.72 per cent market share over the same period last year.

Equitel, the mobile money product from Equity Bank, came in second, accounting for 26.76 per cent with mobile commerce cash valued at Sh328.1 billion.

Although there was an increase in value when compared to same quarter last year, Equitel’s market share declined 5.57 per cent over the period.

Airtel came in a distant third with the firm’s share at 0.18 per cent of transactions valued at Sh2.57 billion a marginal increase in the value the firm transacted for mobile commerce last year.

Newcomer T-Kash was able to transact Sh29.19 million for payment of goods and services.

Data shows the total value of transactions during the April-June period grew by about 60 per cent from Sh1.2 trillion reported over the same period last year driven by increased mobile commerce transactions.

The data shows the value of person-to-person transactions grew at a much slower pace of 24.68 per cent during the period to Sh675.5 billion with Safaricom’s M-pesa accounting for 82.39 per cent of money moved between individuals.

Source: The Star