This archive report was first published on 3 May 2021.
Published on May 3, 2021, data from the Central Bank of Kenya shows that mobile money transactions in Kenya have sharply risen in the past 12 months.
The value of mobile transactions jumped to KSh1.7 trillion in the first three months of this year, a significant 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, a 5% decrease from the KSh567.99 billion transferred in February 2021, but a 48% increase from the KSh364.5 billion transferred in March 2020.
Kenya is a leader in mobile money transactions in Sub-Saharan Africa, with its world-renowned mobile money platform, M-pesa, being the largest mobile money service provider in the region.
The Government of Kenya, through the Central Bank, has taken measures to promote the use of mobile money services, including collaborating with telecommunications companies to lower transaction fees for low-value transactions.
As of March 2021, the number of mobile money accounts stood at 65.93 million, 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.
