The use of mobile money in Kenya has remarkably increased in the past few years. In 2018, transactions worth KSh8 trillion were conducted through mobile-based platforms, equivalent to 91 percent of Kenya’s GDP.
Most of the transactions were done through Kenya’s largest mobile money service – Mpesa. The platform has over 22 million registered users. According to Safaricom’s Chief Financial Services Officer Sitoyo Lopokoiyit, more than KSh15 million is moved through Mpesa every minute and an average of two mobile loans are disbursed every second.
The mobile money channels have greatly increased access to formal financial services for people who had no access. The level of financial inclusion in Kenya is at 83 percent of the adult population up from 27 percent in 2006 when mobile financial services did not exist.
Speaking at a Fintech forum earlier in the week, Sitoyo Lopokoiyit said, “Financial Inclusion is not a term we use lightly or conveniently to suit us when needed. We have invested to ensure that we leave no one behind.” The Chief Financial Services Officer also revealed that Mpesa has lifted close to 194,000 Kenyans out of extreme poverty in the past decade.
The senior executive emphasized the power of the mobile device to transform lives throughout the African continent. According to him, Africa’s growth is hinged on mobile networks.