Kenyans Transacting $71m Daily via Mobile Money

The Central Bank of Kenya (CBK) has reported KSh6.2 billion (US$71 million) is transacted every day via mobile money, up from a daily average of KSh5.2 billion (US$59 million) last year.

The Business Daily reports CBK data revealed that KSh543 billion (US$6.2 billion) changed hands in 206 million transactions conducted through mobile phones in the first three months of the year.

This is compared to last year’s KSh417 billion (US$4.7 billion) transacted in 158 million deals.

“The growth has been phenomenal. It has become an important platform for financial services,” said CBK governor Njuguna Ndung’u in a recent presentation in Switzerland.

Customers have also been using banks for their transactions, as banks have been interfacing their systems with mobile money operators to allow for the seamless movement of cash from one platform to another, while mobile money is also being used to pay for services such as pay-TV, electricity and water.

Originally published on Human IPO.