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Kenya boasts high mobile money potential

11 June 2014, 10:30

Nairobi - Kenya has continued to show one of the highest potentials in mobile payment growth in the Africa and the Middle East, in contrast to other big economies in the regions.

This is according to a report by statistics think-tank, ystats.com.

According to the firm, Kenya, which boasts the internationally-acclaimed M-PESA rated higher than South Africa, said to be the most technologically-advanced economy in the continent.

In South Africa, the most significant alternative payment methods were bank transfers and PayPal.  

“In South Africa, the most significant alternative payment methods were bank transfer and PayPal, though usage rate of these methods trail credit card use,” read the ystats.com report on alternative payment methods.

The report however stated that mobile payment growth was the trend to watch in the Middle East and Africa, where banking services penetration was low.

Ystats reported that cash on delivery remained the major payment method in growing B2C e-Commerce in the Middle East and Africa.

“This method accounted for almost 50 percent of e-Commerce transactions in the region, while payment by cards accounted for a third,’ the ystats.com report stated.

The findings come after a report by PEW Research Center early in the year.

It ranked Kenya as the country with the most popular mobile payments in Africa.

The research stated that nearly seven-in-ten Kenyans (68 percent) who owned a cell phone said they regularly used their mobile device to make or receive payments. 

Other countries ranked highly in the research after Kenya include Uganda, South Africa, Senegal, Nigeria and Ghana in that order.

 - CAJ News

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