In a recent report, the Central Bank of Kenya (CBK) has revealed that a total of KSh1.9 trillion ($22 billion) was transferred in mobile transactions in the country last year.
According to the CBK report, mobile money subscribers rose to 25.1 million in September with 732 million mobile transactions recorded in the year.
Mobile money has continued to witness steady rise in Kenya and gained widespread adaption as the country’s primary system of financial transaction.
The 2013 FinAccess National Survey states that 11.5 million adults used mobile money services in Kenya while conventional banking services recorded 5.4 million consumers.
Last November, Safaricom, owner’s of Mpesa, Kenya’s dominant mobile money operator, said its Sh11.2 billion ($131 million) H1 profit-after-tax, the largest net income ever recorded by any company in Kenya’s corporate history, was largely helped by its mobile money unit.