Kenya's Mobile Money Agents Transact KSh 5.9t in 9 Months, CBK Data Show – Tuko.co.ke

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Mobile money agent businesses continue to record outstanding performance, accelerating the country's economic growth.
The Central Bank of Kenya (CBK) report showed that mobile money cash transactions increased to 5.9 trillion in nine months to September 2022.
This represents a 17.6% growth from KSh 5.03 trillion reported in the same period in 2021.
Nairobi leads other counties in mobile money agents' cash transactions scaling at over 93.9%, followed by Kiambu at 91%.
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Murang'a county ranks third at 90.4%, Nyeri at 89.8%, and Mombasa at 88.6% of the total population, Business Daily reported.
Mobile money services are common in counties with fewer financial service providers, like Tana River, Marsabit, and Garissa.
This came after the mobile service operators – Safaricom, Airtel, and Telkom – agreed to keep cashless transactions seamless through interoperability services.
The telcos revealed that the next phase of interoperability would be to allow M-Pesa users to pay for goods using Airtel and Telkom to pay bills.
The first phase of the interoperability saw the telcos allow subscribers to send money across all three networks.
The growth in cash transactions by mobile money agents means Kenyans handle much cash outside banks.
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The amount is almost double the country's 2022/2023 budget, which the National Treasury tabled at KSh 3.3trillion.
President William Ruto has been planning to revise the budget, directing the treasury to cut KSh 300 billion in expenditure from the ministries and reduce the burden of borrowing.
Ruto said the current budget exposes Kenya to borrowing that overburdens taxpayers with heavy debt.
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Source: TUKO.co.ke
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