Wednesday
September 18
2019

Online Banking Still a Reserve for the Rich in Kenya – Survey

By Elizabeth Kivuva

Low-income earners prefer use of mobile money applications over online banking, a new consumer behaviour survey has shown.

Deloitte’s Global Mobile Consumer Survey on the Kenyan market show only 30 per cent of people with income below Sh20,000 use online banking app,  while 47 per cent in the Sh20,001 to Sh50,000  income bracket use the apps.

A larger proportion of 60 per cent with income above Sh50,000 use the digital apps offered by banks.

The survey shows that an average of 90 per cent of consumers across all income bands transfer money via their mobile operator applications provided by their network providers such as M-Pesa, Airtel Money and T-Kash.

Photo courtesy of Internews Europe.

 

Source: The Star, Kenya (link opens in a new window)

Categories
Finance
Tags
digital finance, emerging markets, financial inclusion, financial services, fintech, mobile banking, mobile money