The value of mobile money transactions in Kenya reached KSh1.16 trillion in the first two months of 2021 as more people used mobile money wallets to pay for goods and services.
Mobile money transactions rose to KSh590 billion in January this year from KSh372 billion a year ago. Similarly, the value of transactions rose to KSh568 billion in February 2021, from KSh350 billion in February 2020 according to data from the Central Bank of Kenya.
On average, Kenyans transacted KSh19 billion on cell phones daily in the first 60 days of 2021.
In March last year, the Central Bank introduced measures to encourage the use of digital cash in order to limit the spread of covid19. The financial regulator increased the daily transaction limits to KSh300,000 from KSh140,000 and waived the transfer fees for transactions below KSh1,000.
The Central Bank’s move has been a success as the value of mobile based transactions rose by 60% in the first two months of 2021 compared to the same period a year ago.
Registered mobile money accounts increased to a record 67.16 million accounts at the end of February this year, compared to 58.67 million accounts at the end of February last year.
The number of active mobile money agents through out the country rose to 294,111 agents in February, from 235,543 agents in the same period a year ago.
Kenya’s Mobile Money Transactions Climb to KSh5.2 Trillion
