NAIROBI, Kenya, Apr 1- Kenyans continued to reduce movement of their cash through different mobile money platforms to hit Sh684.5 billion for the period between October to December 2019.
Competition Authority data reveals that Sh28.9 million mobile money subscribers and 175,959 agents’ transactions were up from Sh1.7 trillion that was recorded in the period between July-September 2019.
“The transaction count not only makes mobile transactions a key cog in the economic wheel but also stamps the fact that Kenyans can use digital finance as a lever to influence social distancing and Person to Person (P2P) transactions in an infectious health crisis, such as the COVID-19,” said CA in the report.
Further Consumer to Business transfers were valued at Sh294bn, Business to Consumer transfers stood at Sh377.4bn, while the value of transfer from Business to Business stood at Sh859.6bn.
The value of the consumer to government payments were Sh9.7bn in the last three months of 2019.
During the quarter under review, customer deposits were valued at Sh606.96bn.
Safaricom’s M-Pesa recorded the highest market share of the mobile money market to stand at 98.8 per cent with Airtel money coming in second as T- Kash recorded the least share of 0.07 percent.
The total local outgoing mobile voice traffic declined by 16.2 per cent during the period under review to post 14.9 billion minutes from 17.8 billion minutes posted during the previous period.
Further CA report indicates that as at 31st December 2019, the number of active mobile subscriptions in the country went up from 52.2 million to reach 54.5 million, revealing a sim penetration of 114.8 percent.
CA says the high mobile penetration is as a result of subscribers having more than one SIM card.