The Communications Authority of Kenya has released a quarterly report, showing significant growth in mobile money transfer services in the country.
The report, which reviewed the periods between April 1 to June 30, indicates that the increased uptake of digital payments is largely attributed to consumers' efforts to contain the pandemic.
The data shows Kenyans did over four trillion transactions in the government’s fiscal year 2020/21, with a huge chunk of them attributed to the Ministry of Health directives aimed at containing the pandemic, especially the need for cashless transactions.Government Spokesperson Cyrus Oguna During a Tour of Isiolo International Airport on August 5.
Following the campaign to encourage Kenyans to use cashless transactions, the report shows there was a surge in registration of new mobile phone users from the previous fiscal year by 4.7 per cent.
“During the period under review, the total number of active registered mobile money subscriptions rose by 4.7 per cent to stand at 34.7 million,” according to the report.
Additionally, business digitization led to the rise in adoption of mobile money services by customers, with customer-to -Business transactions amounting to Ksh3 trillion.
In the report, business to business transactions accounted for the highest number of transactions at Ksh6 trillion.
However, mobile transactions between the citizens and government were at 49,256 million, trailing behind in mobile money transfers.
Peer-to-peer transactions, that are, transactions between Kenyans amounted to approximately Ksh4 trillion.
The fiscal year also increased the number of mobile agents with 283,547 from 257,907 agents in the previous quarterly report.
Kenya’s growth in the fintech industry on matters of the number of transactions shows a general citizen acceptance in digital commerce.
The citizen uptake attracts investors’ investment in Kenya’s fintech industry, propelling the county to be one of the continent's best investment hubs.The Communications Authority of Kenya offices along Waiyaki Way, Nairobi.File
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