Monday
May 7
2018

Viewpoint: Kenya should complete transition to seamless mobile money platform

By Kingori Choto

The rapid evolution of technology in the last decade has spawned innovative services like mobile money, paving the way for the emergence of a digital economy.

Mobile money is no longer just about the traditional cash-in and cash-out transactions. It has grown to include paying bills, saving money, lending and enabling cross-border remittances.

Whereas Kenya and Africa lead the mobile money transformation, the story is promising globally. The GSMA 2017 State of the Industry Report on Mobile Money underlines the remarkable growth of mobile financial services.

About $1 billion is now transacted via mobile money daily, backed by an estimated 690 million registered users worldwide. An estimated 66 per cent of the combined population of adults in Rwanda, Tanzania, Uganda and Kenya are active mobile money users.

Photo courtesy of Scott Mainwaring.

Source: BusinessDaily Africa (link opens in a new window)

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Inclusive Fintech
Tags
cashless, digital payments, financial services, fintech, Kenya, mobile finance, mobile money, remittances