Mobile money hits Sh2.37 trillion as card use drops

Mobile payments values increased by nearly a quarter last year, clawing a huge chunk from the banking sector where payment cards performed dismally over the period.

Latest payment systems data from the Central Bank show mobile money subscribers transacted Sh2.37 trillion in 2014, a 24.7 per cent increase over Sh1.90 trillion in the previous year.

This translates into daily transactions of about Sh6.49 billion, up from an average of Sh5.21 billion per day in 2013.

The growth has been attributed to increased public uptake of mobile cash transfer and acceptance by more merchants, “including payment outlets like gas stations”. See more

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