Mobile money transactions exceeded the Ksh400 b***ion in July, data posted by the Central Bank of Kenya (CBK) s**ws.
The CBK data s**ws that the transactions which include cash transfers and payments for goods and services amounted to Ksh450.98 b***ion, representing a 14.96 percent increase from Ksh392.17 b***ion in June.
Mobile money transactions have been on an up***d trajectory every month since May after falling to Ksh308 b***ion in April due to movement restrictions in the country.
The increase in value moved could be attributed to the calculated return to normalcy and reduced use of physical cash to avoid the spread of the virus.
“The economy has not been doing well and now a lot of people are being forced to dig into their ***ets like fixed deposits to finance day-to-day expenditure,” Ken Gichinga, the chief economist at Mentoria Economics told the Business Daily.
Communications Aut**rity of Kenya (CA) statistics s**w that M-PESA is st*** the market leader commanding 98.8 percent of the market share whereas Airtel Money and T-Kash recorded market shares of 1.1 and 0.05 percent respectively.
At the end of the first quarter of 2020, there were a total of 29.18 m***ion active registered mobile money subscriptions of which 28.84 m***ion were on M-PESA, 329,660 Airtel Money and 13,333 on T-Kash.
The value of Business to Business transactions (B2B) stood at Ksh878.16 b***ion with the entire amount being transacted on M-PESA alone.
The value of Person to Person (P2P) transactions stood at Ksh674 b***ion. Of the amount, Ksh673.6 b***ion was transacted on M-PESA, Ksh348.3 m***ion was transacted on Airtel Money while Ksh68.8 m***ion was transacted on T-Kash.
Business to Customer (B2C) transactions stood at Ksh365.33 b***ion with Ksh365 b***ion changing hands on M-PESA, Ksh220.2 m***ion on Airtel Money and Ksh13 m***ion on T-Kash.
Customer to Business (C2B) transactions stood at Ksh310.47 b***ion with the bulk of the amount Ksh310.1 b***ion being transfered via M-PESA.
Some 608.16 b***ion was deposited d****g this period with Ksh606.56 b***ion beng done on M-PESA, Ksh1.58 b***ion on Airtel Money and Ksh23.8 m***ion on T-Kash.
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