Kenya witnesses 11 pct rise in mobile money transactions in Q1 2019

The mobile money transactions in Kenya has increased by 11 percent in the first quarter of present year as compared to a similar period last year, boosted by innovation in the industry.

Kenya transacted 1.06 trillion shillings (USD 10.6 billion) from January to March, up from USD 9.6 billion in the same period in 2018, new released data from the Central Bank of Kenya shows.

The bulk of the transactions this year were done in January and March, where Kenyans moved USD 3.6 billion in each of the months. In February, transactions stood at USD 3.3 billion, according to the apex bank.

The period was characterized by innovativeness in the industry which continued to drive mobile money usage. Kenya's telecom operator Safaricom, which accounts for over 70 percent of the market, during the period unveiled a new mobile credit product dubbed Fuliza, as reported by Xinhua.

The service allows its customers to borrow cash to complete their mobile money transactions in case they have sufficient funds. Safaricom on May 3 announced that it lends out USD 450 million in three months.

Employment in the sector continued to surge, with the number of agents working for the three telecoms in the country as at end of March standing at 226,957, according to the apex bank. Similarly, the number of subscribers stood at 50.4 million, up from 39 million in March 2018.

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