Monday
August 19
2019

Survey: Cash Payment Still ‘King’ in Kenya, Despite Digital Money Growth

By Victor Amadala

Cash is still the most preferred mode of payment in the settlement of everyday transactions in Kenya, latest report by Financial Sector Deepening (FSD) shows.

The report capturing period between July 2016 and July 2019 shows informal workers and traders in the country received over 90 per cent of their payments in cash.

Farmers for instance received 93 per cent of their payments in cash with only five percent receiving via bank transfer. Only two per cent received their payment via mobile money.

Photo courtesy of lirneasia.

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

Categories
Finance
Tags
cashless, digital finance, digital payments, financial services, fintech, mobile money, remittances