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Thursday, June 25, 2020

Kenya Records over 1.6 million New Mobile Money Customers In 3 Months

    June 25, 2020   No comments

Safaricom PLC

In a move to discourage COVID-19 spread through hard cash, the Kenyan government recommended the usage of alternative transaction channels including mobile money in March 2020.

Three months later ,now in June the Central Bank of Kenya has revealed that the number of kenyans using mobile money channels rose by over 1.6 million people.

This was also as a result of the emergency measures taken by the CBK to waive mobile money transactions fees, increasing maximum mobile transactions above ksh 70,000 and removing transfer fees between bank and mobile  wallets. It worked.

Majority of the mobile money channels users were those transacting amounts below ksh 1000 which are the most vulnerable and targeted to enjoy the cushioning during the Coronavirus pandemic.

In addition to an increase in the number of mobile money users there was also an increase in the value of the money transacted during the same period.

Read ; CBK directs free mobile money transactions to continue up to 31st December 2020


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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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