MICROCAPITAL BRIEF: Value of Mobile Money Transactions in Kenya Grows 50% to $16b in 2012 Fiscal Year

The value of mobile money transactions in Kenya reportedly reached a total of KES 1.4 trillion (USD 16.2 billion) in the financial year ended June 30, 2012. This is approximately 50 percent greater than the KES 919 billion (USD 10.6 million) transferred in the 2011 fiscal year. The volume of transactions grew approximately 39.5 percent, from 364 million in 2011 to 508 million in 2012. The number of mobile money customers increased 10.1 percent from 18 million to 19.8 million.

The Communication Commission of Kenya (CCK), the nation’s communications regulator, predicted in a recent report that “owing to the nature of this service to provide an inexpensive and secure way to transfer money as well as operators’ keenness to extend the service to the unbanked population, it is expected that that the service will continue to record positive growth in the coming periods.”

By Nicole Boyd, Research Associate

Sources and Additional Resources:

Central Bank of Kenya. “2011-2012 Annual Report,” http://www.centralbank.go.ke/index.php/acts/doc_download/153-2012-annual-report

Communications Commission of Kenya. “Quarterly Sector Statistics Report: Forth Quarter of the Financial Year 2011/12 (April-June 2012)” http://www.cck.go.ke/resc/downloads/SECTOR_STATISTICS_REPORT_Q4_11-12.pdf

MicroCapital. February 12, 2013, “MICROCAPITAL BRIEF: Kenyan Mobile Operator Safaricom Increases Mobile Money Fees in Response to 10% Tax,” https://www.microcapital.org/microcapital-brief-kenyan-mobile-operator-safaricom-increases-mobile-money-fees-in-response-to-10-tax/

MicroCapital. January 31, 2013, “MICROCAPITAL BRIEF: Number of Mobile Money Subscribers in Kenya Down 1%, Total Transaction Value Up 7% During Quarter Ending September 2012,” https://www.microcapital.org/microcapital-brief-number-of-mobile-money-subscribers-in-kenya-down-1-total-transaction-value-up-7-during-quarter-ending-september-2012/

MicroCapital. December 3, 2012, “MICROCAPITAL BRIEF: Safaricom, Vodafone, Commercial Bank of Africa Launch M-Shwari, Offering Mobile Access to Savings and Loans in Kenya,” https://www.microcapital.org/microcapital-brief-safaricom-vodafone-commercial-bank-of-africa-launch-m-shwari-offering-mobile-access-to-savings-and-loans-in-kenya/

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