KENYA:Mobilemoney transactions dropped marginally in February

MARCH 30,2014.




Mobile money transactions in Kenya dropped in February marginally as residents cut back use of the service.

Transactions stood at 2 billion U.S. dollars in January, according to CBK, dropping from 2.1 billion in January and 2.2 billion dollars in December, the highest record since the service was launched.

The drop in use brings Kenya’s total mobile money transactions since the beginning of the year to 4.1 billion dollars.

Last year, the use of mobile money surged to historical 22.4 billion dollars, or 61 million dollars a day or 2.6 million dollars per hour, surpassing last year’s budget of 18.8 billion dollars.

According to CBK, the equivalent of 43.5 percent of Kenya’s gross domestic product is transacted via mobile money.