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Finserve’s mKey app records over 300,000 transactions in 2 months

NAIROBI, Kenya, Nov 7 – Finserve’s mKey app has reported that as at the end of October 99,970 users had downloaded the keyboard app with 309,000 transactions worth Ksh17.8 million having being processed over this period.

Finserve, which touts mKey as Africa’s first keyboard app that converges social, and financial services, said in a statement that it processed loans worth Sh5.2 million in this period.

The mKey app targets Kenya’s increasingly digital population that is becoming savvier in enhancing their lifestyle through technology and who evidently want to perform financial transactions without visiting a bank or even switching apps.

The Equity Group subsidiary also runs Equitel which recorded strong growth over the fourth fiscal quarter (April-June 2018).

Equitel processed 87.9 million mobile commerce transactions between April 2018 and June 2018, up from 77.6 million transactions in the preceding quarter, representing a 13 per cent increase.

At the same time, the value of mobile commerce transactions increased to Shh328.2 billion, a 13 per cent increase from Sh290.3 billion that was processed over the same period.

Overall the number of transactions processed stood at 140.4 million up from 128.6 million translating to a 9 per cent increase while the value of transactions increased by 6 per cent to stand at Ksh413.4 billion from Ksh389.3 billion.

Equitel’s subscription base as at June 2018 was 1.95 million.

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