Mobile money deals up 42 percent on economic uptick


Cash handled by mobile money agents in the nine months to September jumped by Sh1.47 trillion compared to a similar period last year, indicating the growing dominance of mobile money usage in the economy.

Latest data by the Central Bank of Kenya (CBK) show agent transactions in the period rose by 41.5 percent to Sh5.02 trillion from Sh3.55 trillion in the same period in 2020.

The amount of money deposited or withdrawn in the nine-month period is almost equivalent to Sh5.21 trillion transacted in the 12 months to December 2020.

The volume of transactions increased by 19.6 percent or 261.9 million times to 1.599 billion from 1.337 billion over the period, indicating increased activity with the agents.

This is despite the economy still facing pandemic-induced struggles however, recovering.

The growth indicates increased business activity in some sectors, pushing demand for goods and services.