Friday
June 9
2017

Bank cards show resilience in Kenya despite mobile money dominance

Use of plastic money and acquisition of the cards is showing resilience in Kenya despite the domination of mobile money.

Mobile money has for the last years stifled the growth of plastic money, with many pointing to the death of the cards but new data from Central Bank of Kenya (CBK) showed Wednesday that the latter is in Kenya to stay, the onslaught notwithstanding.

As at April, according to the CBK, the number of debit card users stood at 13 million, a marginal rise from 12.9 million in March.

Similarly, the number of credit cards surged from 220,154 in March to 235,350 in April, with the other cards recording marginal rises.

Source: Xinhua News (link opens in a new window)

Categories
Financial Inclusion, Technology
Tags
digital payments, financial innovation, fintech, Kenya, mobile banking, mobile finance, mobile money