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Kenya records 33 billion in mobile money in 2016

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Staff Writer |
Kenya mobile money
Africa   The surge in transactions

Kenyans moved a record 33 billion U.S. on mobile money in 2016, up from 27.8 billion from the previous year, the data from Central Bank of Kenya showed.


The surge in transactions by about $6 billion consolidates the country's global position in use of the technology that has revolutionized its financial sector.

The volume of cash transacted on the platform surpasses Kenya's 2017/2018 budget, which is estimated at $25 billion, underlying the role of the service to citizens and economy.

In 2016, mobile money use peaked at $3.1 billion per month in December, according to the regulator's data, up from $2.6 billion last year.

Christmas and New Year festivities normally give mobile money use a boost as Kenyans send and receive various amounts of cash from their loved ones.

On the opposite, the least transactions during the period were carried out in January, with Kenyans moving $2.4 billion.

Kenyans on average transacted during the period $2.7 billion a month up from 2.3 billion in the previous year.


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