January 8

Report: Mobile Money Transactions in Kenya in 2023 Declined for the First Time in 17 Years

In 2023, there was a notable decline in the amount of cash managed by mobile money agents, marking the first decrease since the inception of mobile payments in Kenya almost 17 years ago.

According to the Central Bank of Kenya (CBK), the cash transacted by agents in the 11 months leading up to November 2023 amounted to KES 7.165 trillion ($45.4 billion). This represents a 0.5 percent decrease from the KES 7.2 trillion ($45.6 billion) recorded during the corresponding period in 2022.

Photo courtesy of Kay McGowan / USAID.

Source: BitKE (link opens in a new window)

Finance, Technology
digital finance, digital payments, financial inclusion, mobile finance