NAIROBI, Kenya, Jan 22 -The value of mobile money moved in the first ten months of 2021 rose by 38.4 percent to Sh 5,640 billion from Sh4,075 billion recorded during a similar period in 2020.
According to an analysis of data from the Central Bank of Kenya(CBK), October reported the highest value of mobile money transaction of Sh 618billion the highest monthly figure in two years.
The value of transactions rose despite the removal of the COVID-19 subsidies which saw all mobile money transactions below 1,000 free.
Over the same period, the number of registered mobile money accounts increased to 66.88 million accounts from 65.26 million at the end of October 2020.
Similarly, the volume of mobile money transactions increased to 190.06 million transactions in October 2021, from 174.11 million transactions in October 2020
Due to the increased popularity of mobile money services, Kenya’s active mobile money agents increased to 295,105 agents in October up from 237,531 agents in the same period a year ago
Safaricom’s M-Pesa service is the most widely used mobile money platform in Kenya, accounting for more than 90 per cent of the total transactions.
In the last financial year, it generated Sh82.65 billion in revenue for the telecommunications company