This archive report was first published on 18 July 2019.
On July 18, 2019, it was reported that mobile money transactions in Kenya had reached a remarkable milestone. In 2018, a staggering KSh8 trillion was transacted through mobile-based platforms, accounting for 91% of the country's GDP.
At the forefront of this mobile money revolution is Mpesa, Kenya's largest mobile money service, with over 22 million registered users. According to Safaricom's Chief Financial Services Officer, Sitoyo Lopokoiyit, Mpesa processes transactions worth more than KSh15 million every minute, with an average of two mobile loans disbursed every second.
The impact of mobile money on financial inclusion in Kenya has been profound. The level of financial inclusion has risen to 83% of the adult population, up from 27% in 2006 when mobile financial services were non-existent.
Speaking at a Fintech forum, Sitoyo Lopokoiyit emphasized the significance of financial inclusion, stating, “Financial Inclusion is not a term we use lightly or conveniently to suit us when needed. We have invested to ensure that we leave no one behind.” He also revealed that Mpesa has lifted close to 194,000 Kenyans out of extreme poverty in the past decade.
