Kenya: Mobile money transactions rise by $1.1 billion in the first half of 2018

The value of mobile-based transactions in Kenya rose by Ksh108.86 billion (US$1.1 billion) in the first 6 months of the year, according to data from the Central Bank of Kenya.

Mobile payments hit Ksh 1.92 trillion between January and June versus Ksh1.81 trillion (US$19.6 billion) in the same period last year, putting average daily transactions at Ksh10.61 billion (US$108 billion), the Business Daily reported. Major sectors of the economy, such as financial services, retail and wholesale trade, agriculture and health, are increasingly integrating mobile payments into their operations.

Mobile subscriptions stood at 44.1 million, giving a penetration rate of 95.1 percent, according to the Communications Authority of Kenya’s July data.

Average monthly settlements stood at Ksh320.10 billion (US$3.23 billion) in the first half of 2018, which was Ksh18.15 billion (US$183 million) more than a year earlier. Payments in June were lower than the monthly average, at Ksh317.41 billion (US$3.2 billion), only higher than April – Ksh313 billion (US$3.16 billion) and February – Ksh300.85 billion (US$3.04 billion).

The number of agents fell to 197,286 from a record 202,387 in May.

Mobile money has become a pillar of Kenya’s economy, with last year’s transactions valued at Ksh3.4 trillion (US$36.82 billion), representing 46.95 percent of Kenya’s gross domestic product, which stood at Ksh7.75 trillion (US$83.93 billion) December 2017.

Source: Telecompaper