Kenya M-Pesa transactions hit $5 billion in first quarter – report

Kenyan M-Pesa (mobile money) based transactions topped US$4.9 billion in the first quarter of this year, according to a report released by the country’s central bank – the Central Bank of Kenya.

This represented an increase of US$758 million from a similar period in 2012. The rise in value of transactions indicates that mobile money continues to penetrate the Kenya and the east African region at a rapid pace.

According to the report, the most transactions were made in January, where subscribers made deals worth US$1.7 billion, while in February, the value of transactions dropped slightly to US$1.6 billion.

The dip was attributed to an increase in tariffs from the mobile carrier and a 10 percent excise tax imposed on all M-Pesa transactions by the Kenya government.

The M-Pesa platform continues to provide hundreds of employment opportunities while creating a new industry.

“This growth signifies increased accessibility of mobile money transfer service as well as more employment opportunities for the youth,” noted Communication Commission of Kenya in its latest report on the sector released last month.

Source: Business Daily Africa