Business
Kenya Mobile money transactions top $22 billion in 2013
Kenya’s Central Bank has revealed in a report that a total of KSh1.9 trillion (US$22 billion) was transferred in mobile transactions in the country last year.
According to the report, mobile money subscribers rose to 25.1 million in September with 732 million mobile transactions recorded in the year.
Mobile money has continued to witness steady rise in Kenya and the east African region and gained widespread adaption as the region’s primary system of financial transaction.
According to statistics from the 2013 FinAccess National Survey, 11.5 million adults used mobile money services in Kenya while conventional banking services recorded 5.4 million consumers.
Last November, the Safaricom wireless provider – the owner’s of Mpesa, Kenya’s dominant mobile money operator, said its KSh11.2 billion (US$131 million) H1 profit-after-tax, the largest net income ever recorded by any company in Kenya’s corporate history, was largely helped by its mobile money unit.