Kenya’s Mobile Money Use Swells to a Record $50,000 per Minute, $26.1 Billion Annually in 2014

Monday, February 16, 2015

Kenya’s 2014 mobile money use surged to a record 26.1 billion U.S. dollars, an increase of about 4 billion dollars from previous year.

This is a new high in the use of the technology that has transformed lives in the East African nation, boosted e-commerce and enhanced saving culture among Kenyans.

The 26.1 billion dollars annual use, which new data from Central Bank of Kenya (CBK) showed on Friday, means that Kenyans are transacting 72 million dollars a day on mobile money platforms, 3 million dollars per hour or 50,000 dollars a minute.

This is a rise from 61 million dollars a day, 2.6 million dollars an hour or 43,333 dollars a minute in 2013.

Mobile money is deeply entrenched in the lives of Kenyans, making East African nation the global leader in the technology.

The data from CBK pointed out that most of the transactions are done during the holiday seasons like Easter and Christmas and when schools are re-opening in January, May or September.

As in previous years, the bulk of the transactions last year were conducted in December, where use peaked to 2.5 billion dollars as Kenyans send money to their family and friends for Christmas.

Source: GlobalPost (link opens in a new window)

Categories
Technology
Tags
financial inclusion, mobile money, mobile phones