Kenya spends $2.6m per hour through mobile money

The Central Bank of Kenya has release figures that show Kenya transacted $22.4bn in mobile payments over 2013, this averages to $61m per day or $2.6m per hour.

This new data comes a week after the Kenya Bankers Association found that mobile phones are the most popular way for Kenyans to receive or send money locally.

Since their launch in 2007, Kenya’s use of mobile money platforms has quickly accelerated.

Mobile spending is up $4.4bn from the 2012 figures, a 20% year-on-year increase.

In 2011, Kenya made mobile money transactions worth $13.4bn dollars and in 2010, the value stood at $8.42bn dollars.

The data also showed that most of the mobile money cashflow took place in the third quarter, in the lead up to the Christmas period.

From the period from October to December $6.2bn was transferred, mainly for basic functions such as transmitting cash, and paying for bills, rent and school fees.

Safaricom M-pesa is one of Kenya’s leading mobile money platforms. CEO Bob Collymore recently Commented: "We are happy with the growth of mobile and this certainly means Kenya is slowly moving into a cashless society. Mobile money has become a way of life for millions of Kenyans and there is still big room for growth."

Other mobile wallet services include Airtel Money (Airtel), Orange Money (Orange), Yu Cash (Yu) and Tangaza.