Mobile money deals up by Sh750bn in eight months
Mobile money transfer.
The value of mobile transactions in the eight months to August grew by Sh750.3 billion compared to a similar period of the previous year, new data shows.
Statistics by the Central Bank of Kenya (CBK) reveal that mobile money users transacted Sh5.84 trillion over the eight months, an increase from Sh5.09 trillion.
“Transaction volume expanded significantly, with the total number of transactions rising from 204.17 million to 214.25 million. Concurrently, the total value of transactions grew from Sh705.85 billion (July 2024) to Sh705.91 billion (August 2024) during the same period,” the statistics note. The Communications Authority of Kenya the telco regulator had earlier said removal of the code on Airtel Money users was critical in pushing the volumes of cash transacted through mobile money.
Airtel removed the requirement for the code in February, allowing its subscribers to receive money from any registered mobile money platform and notably feeding off M-Pesa. M-Pesa is the dominant mobile money platform in the country, with well over 97 per cent of the local market as Airtel Money fights for the remaining share with T-kash of Telkom Kenya and Equitel.
M-Pesa is the single largest revenue stream for Safaricom highlighting the impact of mobile money services to the telco.
The Kenya National Bureau of Statistics report notes that as of August 2024, active mobile money agents hit 348,065, from 340,889 in July.
“Mobile money subscriptions increased from 78.61 million to 78.64 million,” it noted.
A recent GSMA report observed that Kenyans are increasingly using mobile money for savings, as the transactions they conduct on the platform hit trillions of shillings every year.
“Mobile is increasingly being used as the preferred savings method, with 24 percent of adults saving through mobile money in 2021. Values for agent cash-in and cash-out transactions amounted to a total of Sh8 trillion in 2023, with significant growth achieved over the years in volumes and values. The total volume of mobile money transactions is estimated at 37 billion for 2023,” the report noted.
