Kenyans transacted Sh3 trillion via mobile phones last year

An M-Pesa user in Nairobi. Kenyans transacted Sh3.35 trillion through mobile cash in 2016 compared to Sh2.82 trillion the previous year. PHOTO | FILE | NATION MEDIA GROUP

What you need to know:

  • Kenyans transacted Sh3.35 trillion through mobile cash in 2016 compared to Sh2.82 trillion the previous year.
  • Kenyans transacted an average of Sh280 billion in real-time mobile-based payments per month, or Sh9.2 billion a day last year.
  • Mobile banking apps such as M-Shwari, Equitel, M-Co-op Cash and KCB M-Pesa have transformed how Kenyans access loans.
  • CBA currently disburses an average of 70,000 loans via M-Shwari, with the average credit size being Sh3,300.

The volume of cash moved through mobile money transfer platforms grew by a fifth last year to cross the Sh3 trillion mark for the first time, aided by increased uptake of mobile loans, according to official data.

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