July 16

Report: Kenya Mobile Money Market to Reach US$174 Billion by 2024, Fostered by Ease of Access

By Elena

As per the latest report by IMARC Group, titled “Kenya Mobile Money Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Kenya mobile money market size reached US$ 40 Billion in 2018. Sending and receiving money plays a vital role in the daily lives of the Kenyan population. As most of the individuals in the country do not have access to formal or semi-formal banking services, they rely on mobile money services, which are an affordable, effective and reliable means for paying bills, and depositing, withdrawing and transferring money. Mobile money also ensures that the money can be deposited in one location and withdrawn in another. In recent years, there has been a rise in the demand for mobile money in Kenya, owing to the increasing internet penetration and boosting sales of smartphones.

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Source: 3w Market News Reports (link opens in a new window)

Finance, Technology