Na Hii Economy? Kenyans Send Each Other Kshs. 12B Daily On Mobile Money
Kenyans are sending each other about Kshs. 12.25 billion daily on the mobile money transfer platform as more subscribe to the service mainly for convenience.
The latest data from the Communications Authority of Kenya (CA) indicates that the value of person-to-person cash transfers on the mobile money platform increased 4.2% to Kshs. 1.13 trillion during the last three months of last year from Kshs. 1.08 trillion.
According to CA, the number of mobile money subscriptions between October and December 2021 grew marginally by 1.8% to 35.2 million from 34.5 million in September.
The data also indicates that Kenyans are spending Kshs. 14.21 billion daily buying goods and services from businesses that have a mobile money paybill or buy goods business number.
In addition, businesses are on a daily basis transferring Kshs. 9.79 billion to customers.
In terms of business-to-business mobile money transfers, the value has hit an average of Kshs. 23.4 billion daily.
The value of government-to-citizen transfers however declined by 48.6% to Kshs. 969 million shillings during the reference period due to reduction in COVID-19 relief funds disbursement by the government.
As of December 31, 2021, the number of active mobiles (SIM) subscriptions increased marginally by 30 basis points to 65.08 million when compared to 64.8 million subscriptions recorded in September last year.
The total number of mobile phone devices connected to mobile networks was 59.58 million, out of which 33.06 million were feature phones and 26.51 million smartphones.
The total mobile broadband subscriptions are at 28.36 million while at least 94% of the Kenyan population is covered by 4G-network.