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
KCB Group and Safaricom Limited, two of East Africa’s most successful companies have announced a far-reaching strategic partnership that is expected to reshape how tens of millions of consumers in Kenya access financial and telecommunication services. The partnership is expected to be a game-changer, bringing together the region’s leading mobile operator and bank, who both
Microsoft has partnered with leading Kenyan telecom Safaricom to make it possible for customers to download apps from the Windows Phone Store and make payments using their mobile phones, opening a reliable revenue channel for the developer community. Mobile operator billing services will target the growing number of Windows-based smartphone users who previously had to
The Central Bank of Kenya conducts a survey on remittance inflows every month through the formal channels that include commercial banks and other authorized international remittance service providers in Kenya. The results for May were as follows. Remittances to Kenya increased by 8.6 percent, to USD 119.7 million in May 2014 compared to USD 110.1
Leading Kenyan telecom Safaricom and Kenya Commercial Bank (KCB) have formed a strategic partnership, with the first project a one-stop integrated solution that will cater to the needs of small and medium enterprises (SMEs) in Kenya. Biashara Smart is a set of communications and financing products, capacity building initiatives and reward programmes aimed at connecting,
Kenyan mobile operator Safaricom has opened up its M-Pesa mobile money agents network to rival operators, allowing integration between various mobile money platforms, according to a report. Business Daily reports the move now allows investors to run M-Pesa services alongside rival mobile money platforms provided by Airtel and Orange. Last month Safaricom was braced for
East Africa will soon have a common mobile money platform that will enable users to send money from one country to another without any difficulty under exchange rates approved by central banks. This is according to Godfrey Kyama, e-banking advisor to the Commonwealth, in his presentation at the ongoing Tech4Africa conference in Nairobi. Kyama said
Members of the Kenya Bankers Association (KBA), the banking industry umbrella body, appointed their Governing Council during the KBA 52nd Annual General Meeting that was held on 26 June 2014. The new Governing Council will serve for a period of 12 months under the chairmanship of Joshua Oigara of Kenya Commercial Bank (KCB), and vice
Kopo Kopo has announced that they have now processed over 1 million transactions. A statement on their blog said, “We’re thrilled to announce a big milestone for Team Kopo Kopo. A few weeks ago, we processed our 1,000,000th payment via Lipa na M-PESA. Our first live Lipa na M-PESA payment was for six bottles of
Holding a third of the world’s 61 million active mobile money accounts, Kenya is the clear global leader in digital finance. Across East Africa, Kenyan agents generate the highest amount of transactions per agent, but the lowest amount of profits in the region. Surprisingly, Kenyan agents earn a lower median profit per month ($70) than
