Mobile transactions in Kenya hit USD $19.6 billion in 2013

Monday, January 13, 2014

Kenyans transacted KSh1.7 trillion (US$19.6 billion) through their mobile phones in the first 11 months of 2013, underscoring the increasing significance of handsets in the financial services sector.

The new figures represent an increase of 23.7 per cent compared to the same period in 2012, when Kenyans transacted KSh1.4 trillion (US$16.5 million).

The surge is mainly attributed to commercial banks and other financial institutions increasingly adopting platforms where their customers can use mobile phones to make payments, as they seek to put in place fresh revenue streams and make it more convenient for clients to transact.

Source: Mobile-Financial (link opens in a new window)

digital payments, financial inclusion, mobile finance