Business
Kenya: Mobile Money transactions in hit $13 billion in 6 months
Most of the mobile money transactions happened in the second quarter of this year. Between January and March, Kenyans transacted US$6.3 billion, while in April to June, the transactions increased to US$6.7 billion.
Kenya’s unequaled mobile money use grew to historic level last year as the country transacted US$22.4 billion – which translates to US$ 61 million a day or US$2.6 million an hour.
The transactions were an increase of US$4.4 billion from 2012’s, which stood at US$18 billion.
With the coming in of new players and mobile money finding new uses like paying rent and airfare, Kenyans are set to make a new record this year. Mobile money subscribers, similarly, increased to 26 million at the end of June, up from 25.5 million in January.
The sector continued to create jobs for thousands of people in the country and the East African region. Over 6,600 agents have joined the sector since January, with many others expected with the licensing of the 3 new players. In January, the number of mobile money agents stood at 114,107. This rose to 116,196 in March before then swelled to 120,781 in June.
“There is excitement about competition but you have to view it in the context that the market is still 98 percent cash. There is room for everyone,” said Safaricom CEO Bob Collymore after the licensing of competitors.
