Kenya’s 2014 mobile money use surged to a record 26.1 billion U.S. dollars, an increase of about 4 billion dollars from previous year.
This is a new high in the use of the technology that has transformed lives in the East African nation, boosted e-commerce and enhanced saving culture among Kenyans.
The 26.1 billion dollars annual use, which new data from Central Bank of Kenya (CBK) has showed, means that Kenyans are transacting 72 million dollars a day on mobile money platforms, 3 million dollars per hour or 50,000 dollars a minute.
This is a rise from 61 million dollars a day, 2.6 million dollars an hour or 43,333 dollars a minute in 2013.
October came second with 2.3 billion dollars while July and August tied at the third with an average of 2.2 million dollars.
In terms of quarters, the bulk of the transactions happened between October and December, where amount exchanged on the platform stood at over 7 billion dollars.
The third quarter came in second with Kenyans moving 6.7 billion dollars on their phones.
The second quarter saw Kenyans move 6.3 billion dollars while in the last quarter, transactions stood at 6 million dollars.
Other telecoms that offer the service are Airtel (Airtel Money), Orange (Orange Money) and Yu (Yu Cash).
The CBK data showed that the move to license more players led to increased usage of mobile money.
In April when the companies were licensed, transactions stood at 2.1 billion dollars a month.
This, however, jumped to 2.2 billion dollars in May and accelerated in subsequent months.
At 27 million subscribers, about 13 million Kenyans are yet to embrace the service, which means there is more room for growth,” said Bernard Mwaso of Edell IT Solutions in Nairobi.
During the period in review, CBK data indicated that the number of mobile money agents rose to 123,703 in December up from 114,107 in January 2014 while the number of transactions per month closed the year stood at 85 million, up from 67 million.