KENYA – Kenyans made 1.9 trillion mobile money transactions in the first 11 months of 2021, worth more than US$55 billion.
The Central Bank of Kenya (CBK) said that transactions in the first 11 months of 2021 were 20% up on the whole of 2020.
The surge in transactions came despite the government removing COVID-19 subsidies at the start of 2021.
The total for the whole of 2021 is likely to be much higher, as December was the most active month of 2020, with 181 million transactions worth the equivalent of US$5.33 billion and if that trend continued in 2021, then the total for 2021 is likely to exceed US$61 billion.
The Econet news agency says that the number of transactions in Kenya also grew by about 19% compared to the 1.6 trillion in 2020 for 66 million active accounts.
Before the December figures for 2021 are in, October recorded the highest number of transactions, at 190 million, with a value equivalent to US$5.45 billion.
The government at the onset of the pandemic in the nation in March 2020 made all mobile money transactions worth 8.83 dollars and below free as well as bank and mobile transactions.
This boosted usage and saw eight million subscribers join the service as cashless transactions increased, according to the Central Bank of Kenya.
These exemptions were lifted on 1 January 2021.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE