Kenya ranked highest in mobile money adoption
19 February 2014, 10:30
Nairobi - Kenya has the most popular mobile payments in the continent.
This is according to research done by PEW Research Centre.
The research stated that nearly seven-in-ten Kenyans (68 percent) who own a mobile phone said they regularly used their 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.
“Meanwhile, even though only 29 percent of mobile owners in South Africa and 24 percent in Senegal say they use their phones for monetary transactions, these are still among the highest percentages across all the countries surveyed,” stated the research report.
The research indicated that while making or receiving payments was one of the least common cell phone activities, it was much more common in the region where mobile money is a phenomenon in Africa and more specifically, Kenya and its neighbor, Uganda.
Kenya is considered the pioneer of mobile money transfers with the development of M-Pesa, which was commercially launched in 2007.
Approximately 24.8 million subscribers in mobile network use the mobile money transfer service.
There has been a tremendous growth in mobile banking whereby the current mobile banking users in Kenya transferring Sh 2 billion every day and therefore increasing financial inclusion.
The country’s policy of financial inclusion, which entails making financial services more accessible to the general population, has in the past been touted as key to solving poverty.
– CAJ News
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