Kenyans made mobile money payments and transfers worth Ksh5.2 trillion in the first seven months of 2019, the Central Bank of Kenya (CBK) has said.
According to the new data, Kenyans transacted between Ksh328.2 billion to Ksh368.4 billion every month.
As of July last year, Kenyans had transacted Ksh2.25 trillion, reflecting an 11.1 percent increase this year.
In June, the amount transacted stood at Ksh346.8 billion, while in July the amount rose by Ksh20 billion to Ksh366.4 billion.
The growth is attributed to the influx of mobile money banking adopted by banks and lending apps, which make it easier and convenient for customers to transact on phone.
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“You will hardly see any tier-one bank that does not have a mobile banking application. That is the reason banks have had such an impact on mobile banking and the transacted values are rising,” says Martin Kirimi, a research analyst as quoted by Nation.
The current registered mobile money users registered as of July are 53.9 million, a rise from 42.6 million recorded in July 2018.
The rise is also attributed to the increase in number of mobile money agents in the country, and also merchants accepting mobile money for transactions.
According to a report by the Communications Authority of Kenya (CA) report released in May this year, the number of agents facilitating mobile money transactions hit 226,957 from 205,745 at the close of last year.
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