The value of mobile money transactions in Kenya reportedly reached a total of KES 1.4 trillion (USD 16.2 billion) in the financial year ended June 30, 2012. This is approximately 50 percent greater than the KES 919 billion (USD 10.6 million) transferred in the 2011 fiscal year. The volume of transactions grew approximately 39.5 percent, from 364 million in 2011 to 508 million in 2012. The number of mobile money customers increased 10.1 percent from 18 million to 19.8 million.
The Communication Commission of Kenya (CCK), the nation’s communications regulator, predicted in a recent report that “owing to the nature of this service to provide an inexpensive and secure way to transfer money as well as operators’ keenness to extend the service to the unbanked population, it is expected that that the service will continue to record positive growth in the coming periods.”
By Nicole Boyd, Research Associate
Sources and Additional Resources:
Central Bank of Kenya. “2011-2012 Annual Report,” http://www.centralbank.go.ke/index.php/acts/doc_download/153-2012-annual-report
Communications Commission of Kenya. “Quarterly Sector Statistics Report: Forth Quarter of the Financial Year 2011/12 (April-June 2012)” http://www.cck.go.ke/resc/downloads/SECTOR_STATISTICS_REPORT_Q4_11-12.pdf
MicroCapital. February 12, 2013, “MICROCAPITAL BRIEF: Kenyan Mobile Operator Safaricom Increases Mobile Money Fees in Response to 10% Tax,” https://www.microcapital.org/microcapital-brief-kenyan-mobile-operator-safaricom-increases-mobile-money-fees-in-response-to-10-tax/
MicroCapital. January 31, 2013, “MICROCAPITAL BRIEF: Number of Mobile Money Subscribers in Kenya Down 1%, Total Transaction Value Up 7% During Quarter Ending September 2012,” https://www.microcapital.org/microcapital-brief-number-of-mobile-money-subscribers-in-kenya-down-1-total-transaction-value-up-7-during-quarter-ending-september-2012/
MicroCapital. December 3, 2012, “MICROCAPITAL BRIEF: Safaricom, Vodafone, Commercial Bank of Africa Launch M-Shwari, Offering Mobile Access to Savings and Loans in Kenya,” https://www.microcapital.org/microcapital-brief-safaricom-vodafone-commercial-bank-of-africa-launch-m-shwari-offering-mobile-access-to-savings-and-loans-in-kenya/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Mastercard, Vodafone Fiji Partner to Provide Debit Cards to Mobile Money Users
- MICROCAPITAL BRIEF: I&M Bank Enables Spenn Mobile App Users to Send Money to Financial Institutions Across Rwanda
- MICROFINANCE PAPER WRAP-UP: “Mobile Money, Interoperability and Financial Inclusion;” by Markus K Brunnermeier et al; published by National Bureau of Economic Research (NBER)
- MICROCAPITAL BRIEF: Moniepoint Microfinance Bank Launches Mobile Banking App, Debit Card in Nigeria
- MICROCAPITAL BRIEF: Credit Bank, FSD Kenya Engaging SACCOs in Effort to Reduce Remittance Costs for Rural Kenyans
