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Kenya leads in mobile money accounts worldwide

10 June 2015, 11:12 Angeline Kado

Nairobi - Kenya leads the world in mobile money account penetration and has made great progress in increasing the percentage of adults with accounts, thanks to a steady increase in mobile money accounts.

This is according to the 2014 Global Findex report released by the World Bank on Tuesday.

According to the report, out of the 75% of the total number of account holders, 16% of adults reported having a bank account only, while 19% reported having a mobile money account. The remaining 39% reported to possessing both types of accounts.

The report confirms that worldwide, the number of unbanked individuals has dropped by 20 percent, with 700 million adults becoming account holders between 2011 and 2014.

Read Also: Central Bank raises lending rate to curb inflation

In Kenya, the number of men with an account exceeds that of women, revealing a gender gap of about 8% which is persistent with the global 7% gender gap in account ownership. This figure rises to 9% in both developing economies and the Sub Saharan Africa region.

The report also reveals that the percentage of adults in the poorest 40% of households in the country has tripled with the gap in account ownership dropping my half when compared to the richest households.

In conclusion, the report projects that financial inclusion among the unbanked in the country is set to rise if the existing mode of payments are digitized.

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