Pulse.com.gh logo

Kenya hits record $23bil in mobile money use in three months

According to the CBK data, the highest transaction was recorded in October, where 2.51 billion dollars was moved via the mobile phone.

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

Latest data from the Central Bank of Kenya (CBK) reveals that Kenyans transacted 23 billion U.S. dollars on mobile money in the period leading to October, a rise of 4 billion dollars from a similar period last year.

According to the CBK data, the highest transaction was recorded in October, where 2.51 billion dollars was moved via the mobile phone.

Read More: > Towards Cash- Lite Barry Callebaut signs 10,000 Cocoa farmers to mobile money

The East African nation's citizens use mobile money to pay bills, loans, save, transfer money from their bank accounts, pay school fees and public transport vehicles fare, according to Xinhua News.

The Data also showed that the number of mobile money subscribers as of October reached 28.5 million, up from 27.3 million in September. The number of service agents stood at 140,612 in October.

Read More: > Towards Cash-light Mobile Money usage in Ghana doubles in 12 months- CGAP

Analysts relate the rise in mobile money use to an increase in mobile providers and promotion of the services.

The use of the service this year could surpass the $27 billion mark, a technology expert told the Xinhua news agency.

"If subscribers transact an average of $2.2 billion a month, then it means in November and December they will move at least $4.4 billion. If you add it to $23 billion it comes to $27.4 billion, which is a new record," said the expert.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public againbullet
2 Economy Bawumia says 'cedi depreciation temporary': Adviser says it...bullet
3 Fuel Price Hikes Fuel prices to drop again this weekbullet
4 Cedi Debate Mahama lacks understanding in Economics – Dr Bawumiabullet
5 Salaries In 2018 Here are the dates public workers will be paid...bullet
6 Menzgold Ghana Investment company closes down its Gold Vault...bullet
7 Shirley Frimpong-Manso and Ken Attoh owe The Royal Bankbullet
8 Free Decoder Promo StarTimes launches most affordable...bullet
9 Ghana Cedi Mahama shades Bawumia over Cedi depreciationbullet
10 NaBCo Here's what you need to apply for the Nation...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Bozoma Saint John 10 quotes from Uber top official, Bozoma, that will...bullet
3 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
4 Support Finance minister buys Kantanka carbullet
5 Video We are determined to move Ghana beyond aid - Bawumiabullet
6 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
7 Money Alert Meet Africa's richest womanbullet
8 Plane Crash Starbow suspends operations following plane crashbullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
10 Tech 6 reasons you should buy an iPhone SE instead of...bullet