Mobile money transfers hit Sh3.9 trillion

Kenya’s mobile money transfer landscape continues to soar by the year, with Ksh3.9 trillion being sent via the various platforms in 2018 up from the Ksh3.6 trillion that exchanged hands in 2017.

The Economic Survey 2019 reveals that access to technology contributed immensely to the growth.

According to the report, during the year, mobile cellular penetration was 103.45 per 100 inhabitants as a result of subcribers having more than one subscription, to take advantage of the competing voice or data plans offered by the operators.

According to the report, the number of fourth generation (4G) technology mobile transceivers grew from 3,873 in 2017 to 7,469 in 2018 due to continued distribution in the country.
“Total mobile money transfers recorded a slight increase, from Ksh3,638 billion in 2017 to Ksh3,984 billion in 2018,” reads the report.

According to the statistics office, access and use of Information and Communication Technology (ICT) continues to be on an upward trend due to rapid developments in the sector, as a result of service providers investing in the latest technologies and infrastructure.

In 2018, output of the ICT sector expanded by 12.9% to Ksh 390.2 billion supported mainly by growth in the digital economy which includes; mobile telephony, uptake of e-commerce and penetration of internet.

{Read: Harvard University book raves over Equity Bank’s business model}

In addition, the establishment of a common platform where subscribers can send money across networks has increased mobile money interoperability boosting financial inclusion.

{See also: F***d! Your car insurance may be fake}

The continued roll out of metropolitan fibre backbone and wireless access networks across the country by internet service providers has been driving the growth of internet usage.