Monday, February 7, 2022

Mobile Money Transactions Set New Record In December

 

By Kepha Muiruri For Citizen Digital
Mobile money deals hit a new monthly record Ksh.622.1 billion in December according to new data from the Central Bank of Kenya (CBK).

The deals measured by total agent cash in cash out covered 189.8 million individual transactions across the 31 day period.

On average, this means 6.1 million mobile-money deals valued at Ksh.20 billion were transacted on each day in December.

The record mobile-money deals points to the strengthening of mobile money transactions in recent months, buoyed in part by regulatory interventions to prop cashless transactions.

The deals have nevertheless defied the end of part of interventions including the waiver on fees for person to person transfers whose value does not exceed Ksh.1000.

Interventions such as the waiver of fees on bank accounts to mobile wallet transfers however still stand at present.

Kenyans moved an average of Ksh.17 billion daily in 11 months through to November 2021 compared to a mean Ksh.13.7 billion over the same period in 2020.

The total number of registered mobile money accounts rose to 68.03 million in December from 67.15 million a month earlier.

Meanwhile, the number of active mobile money agents fell marginally to 298,272 from 299,053.

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