17th July, 2018
Kenyans transacted a whopping 1.8 trillion shillings via mobile money transfer service registering a stellar growth cementing mobile as the preferred mode of transacting. According to the latest quarterly report by the communications authority of Kenya, mobile money transfer transactions stood at 663.7 billion. The reported push by telecom’s to deepen financial inclusion seems to be paying off with data from regulator showing mobile commerce transactions stands at 474.5 billion and valued at Kenya shillings 1.29 trillion during the reporting period. The report further showed a marginal rise in internet penetration which has opened mobile commerce to the East African market. During the third quarter of the financial year 2017/18, the number of mobile subscriptions grew by 3.0 percent to stand at 44.1 million from 42.8 million subscriptions reported during the second quarter. As a result, the mobile penetration level rose to 95.1 percent from 94.3 percent.