July 8

Mobile Cash Transactions Drop by $343 Million in Kenya

By John Mutua

The amount of cash sent by Kenyans on mobile platforms over the past five months to May fell by Sh36.77 billion compared to similar period last year, official data shows, a rare drop that reflects the financial hardship faced by households and businesses due to the Covid-19 pandemic.

Data from the Central Bank of Kenya (CBK) shows that Kenyans sent Sh1.752 trillion through their mobile wallets in the five months to May, down from Sh1.789 trillion in corresponding period last year-— painting the picture of economic struggles.

Photo courtesy of Free-Photos.

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

Coronavirus, Finance
cash transfers, financial health, manufacturing