The value of mobile money transactions last year grew at the slowest pace in four years after the government raised taxes on such transactions by 25 percent from July 2023, making it more costly to send cash.
Kenya National Bureau of Statistics (KNBS) data shows that Sh7.95 trillion was transacted on mobile platforms in 2023—marking a marginal 0.57 percent growth from Sh7.9 trillion handled the previous year.
