Mobile money transactions growth hits 10-year record

A woman at an M-Pesa agent in Nyeri. Mobile money transfer in Kenya has seen widespread adoption. FILE PHOTO | NMG

Mobile cash transactions are on course for the highest annual growth in a decade, highlighting the economic recovery and the increasing use of cashless payments platforms.

Central Bank of Kenya (CBK) data shows that Safaricom’s M-Pesa, Airtel Money and Telkom’s T-Kash agents handled Sh5.64 trillion in the 10 months to October, a 38 percent jump from the corresponding period last year.

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Note: The results are not exact but very close to the actual.