As more people and businesses have embraced digital transactions, the value of mobile money transfers in Kenya has sharply risen in the past 12 months. According to data from the Central Bank of Kenya, the value of mobile transactions jumped to KSh1.7 trillion in the first three months of this year, a 56% increase from the KSh1.09 Trillion transferred in the same period in 2020.
At the end of March, mobile-based transactions amounted to KSh537.75 billion, 5% lower than KSh567.99 billion transferred in February 2021, but 48% higher than KSh364.5 billion transferred in March 2020.
Kenya is one of the leaders in terms of mobile money transactions in Sub-Saharan Africa. Its world renowned mobile money platform, M-pesa, is the largest mobile money service provider in the region. Government of Kenya, through the Central Bank, in 2020 instituted measures to promote the use of mobile money services including collaborating with telecommunications companies to lower the transaction fees for low-value transactions.
The number of mobile money accounts stood at 65.93 million at the end of March 2021, higher than the country’s total population of 54 million based on United Nations estimates.
The volume of mobile transactions in March was 182.3 million, up from 164.2 million in February and 150.7 million in March 2020. However, mobile money agents slightly decreased in March to 293,403 from 294,111 in February this year.