New Economic Growth As Kenyans Transact Ksh3.068 Trillion On Mobile Money In Eight Months

Kenyans transacted Ksh3.068 trillion on mobile money between January and August 2020, amid Covid-19 pandemic. The amount reflects a seven percent growth compared to a similar period in 2019, when Kenyans transacted Ksh2.87 trillion on mobile money..

According to data from the Central Bank of Kenya (CBK), mobile money transactions hit a new monthly high of Ksh473.52 billion in August. The data further reveals that mobile money transaction volumes have been rising month-on-month since May, following a sharp dip to Ksh308 billion in April.

The growth is mostly attributed to Safaricom’s overdraft service Fuliza, in which Kenyans borrowed Ksh245 billion. This is a growth of more than 10 times over the same period in the previous year, when Kenyans borrowed Ksh29 billion, according to the company’s latest sustainability business report.

Transactions stood at 392 million, up from 46 million in the previous financial year, with the number of customers registered on Fuliza now standing at 20 million, up from 10.7 million in 2019.

“The traction that the popular facility had from its launch in January 2019 continued through the period under review with strong growth in both the number of customers and volume of disbursements,” said Safaricom in the report.