Mobile phone customers deposit SH226bn in Kenya

Mobile payments is booming in Kenya

Cash deposits handled by Kenyan mobile phone companies in the final quarter of 2012 totalled SH226bn. According to reports, this equals the amount of total clients’ money held by KCB at the close of 2012.

A report released by the Communications Commission of Kenya conveys a 10% increase in customer deposits in the country’s four mobile phone firms Safaricom, Airtel, Yu and Orange.  “The mobile money transfer service continued to record tremendous growth during the period. The number of mobile money transfer subscribers grew by 9.4% to 21.1 million up from 19.3 million recorded in the previous period,” said CCK in the report.

In addition, the report reveals the number of active agents engaged in mobile money transfers rose by 14.5% from 54,409 to 62,300. “This growth signifies increased accessibility of mobile money transfer service as well as more employment opportunities for the youth,” says CCK.

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