Kenya’s mobile money use hit a new high of Sh1.82 trillion in the first quarter of 2021 as businesses fully recover from the effects of the Covid-19 pandemic, according to the latest data released by the Central Bank of Kenya.
The usage is an increase from Sh1.6trillion transacted during a similar period in 2021. Citizens transacted Sh687.3billion on the platforms in March, the highest amount ever in a month, the regulator noted.
Most businesses in the country, including public transport vehicles, have increasingly adopted cashless transactions and e-commerce, giving a huge boost to the service with most transactions being conducted through mobile phones.
According to CBK during the quarter, the number of registered mobile money users stood at 69 million as the number of agents employed to offer the service rose to 302,837, up from 299,860 in December 2021.
Kenyans use mobile money to transact for banking and government services, access loans, pay bills and school fees, and raise funds, among others.
According to a recent survey by the Central bank, a majority of Kenyan businesses have also fast-recovered from the effects of the Covid-19 pandemic due to the increased adoption of digital services.
Read also; Africa accounts for 70% of the World’s $ 1 trillion Mobile Money Market.