NAIROBI (Xinhua) --
Kenya’s mobile money transactions surged 11 percent in the first
quarter of 2019 as compared to a similar period last year,
boosted by innovation in the industry.
The east African
nation transacted 1.06 trillion shillings (10.6 billion U.S.
dollars) from January to March, up from 9.6 billion dollars in
the same period in 2018, new data from the Central Bank of Kenya
released on Monday shows.
The bulk of the transactions this year were done in January
and March, where Kenyans moved 3.6 billion dollars in each of
In February, transactions stood at 3.3 billion dollars,
according to the apex bank.
The period was characterized by innovativeness in the
industry which continued to drive mobile money usage.
Kenya’s telecom operator Safaricom, which accounts for over
70 percent of the market, during the period unveiled a new
mobile credit product dubbed Fuliza.
The service allows its customers to borrow cash to complete
their mobile money transactions in case they have sufficient
Safaricom on May 3 announced that it lend out 450 million
dollars in three months.
Employment in the sector continued to surge, with the number
of agents working for the three telecoms in the country as at
end of March standing at 226,957, according to the apex bank.
Similarly, the number of subscribers stood at 50.4 million,
up from 39 million in March 2018.