Mobile money transactions growth hits 10-year record

Mobile money transactions growth hits 10-year record

Currencies

Mobile money transactions growth hits 10-year record

Thursday December 09 2021 mpesa

A woman at an M-Pesa agent in Nyeri. Mobile money transfer in Kenya has seen widespread adoption. FILE PHOTO | NMG

john-mutua-img By JOHN MUTUA
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Summary

  • CBK data shows that Safaricom’s M-Pesa, Airtel Money and Telkom’s T-Kash agents handled Sh5.64 trillion in the 10 months to October, a 38 percent jump from the corresponding period last year.
  • This is the fastest growth in cash handled by agents in the January-October period since 2011 — when it grew 60 percent to Sh938 billion.
  • Kenyans have embraced cashless payments following recommendations and incentives put in place last year to discourage the use of hard cash, which was deemed a potential avenue for spreading Covid-19.

Mobile cash transactions are on course for the highest annual growth in a decade, highlighting…

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