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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.

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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.

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