Mobile money moves Sh3.35trn on rising phone-based loans uptake

The volume of cash moved through mobile money transfer platforms grew by a fifth last year to cross the Sh3 trillion mark for the first time, aided by increased uptake of mobile loans, official data shows.

Kenyans moved Sh3.35 trillion via mobile cash in the full year of 2016 compared to Sh2.82 trillion the previous year, according to latest data from the Central Bank of Kenya, amid a rise in number of mobile lending apps.