Kenya:Mobile Money transactions jump by 14.96 percent in July

By Samuel Ouma

Dr Patrick Njoroge ,CBK Governor
Dr Patrick Njoroge ,CBK Governor

The Central Bank of Kenya (CBK) has revealed that over Ksh.450.98 billion was transacted via mobile phone.

This was an increase from Ksh.392.17 recorded in June.

Economic analysts have attributed the rise in transactions to the gradual resumption of economic activities in the country.

At the beginning of July, the government lifted the partial lockdown imposed on the Nairobi, Mombasa, Kwale, Kilifi, and Mandera.

The curfew was also moved from 7 pm to 9 pm and the lockdown in Nairobi’s Eastleigh estate lifted.

The value of mobile money transactions declined to Ksh.308 billion in April due to curfews, lockdowns, and travel restrictions aimed to stem the spread of the coronavirus. As a result, these measures led to job losses to many Kenyans, and numerous businesses were shut down. However, there has been a constant increase since May.          

The government recommended a cashless payment system urging the public to pay for services and goods using mobile money.

Furthermore, waived charges for electronic transfers and mobile money providers waved fees for transactions less than Ksh.1, 000.

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