Betting Craze Powers Mobile Money to 20 Percent Growth in Kenya

Friday, September 2, 2016

The volume of cash moving through mobile money transfer platforms grew by a fifth in the first six months of this year, powered by increased uptake of cellphone-based gaming, industry data shows.

A total Sh1.59 trillion moved through the mobile platforms in the first six months of the year, according to Central Bank of Kenya (CBK) data, signalling that consumers in East Africa’s largest economy are on course to surpassing 2015’s full-year record of Sh2.81 trillion.

This means an average of Sh220.4 billion is moving on mobile money platforms every month compared to Sh186.4 billion per month in in a similar period last year.

Telecoms operators said transactions to bookmakers have added impetus to mobile money’s steady rise since it was first launched in Kenya nine years ago.

The betting industry has emerged as a major player in the mobile money industry alongside retail payments, peer-to-peer transfers, and diaspora remittances, according to telecoms operators.

Source: Business Daily Africa (link opens in a new window)

financial inclusion, fintech, media and entertainment, telecommunications