NAIROBI (Xinhua) --
Increased adoption of mobile banking and sports betting
have pushed mobile money use in Kenya to a new high,
stamping the country’s authority globally as the leader in
the use of the technology.
transacted 15.8 billion U.S. dollars in the period ending
to June on mobile money, up from 13.1 billion dollars in
the similar period last year, according to latest data
from Central Bank released on Monday, an increase analysts
attributed to the two innovative uses.
betting, which is conducted via mobile money, has become a
craze in Kenya while banks are pushing their customers to
mobile banking platforms to cut costs.
Nearly all the
42 commercial banks in the East African nation have mobile
banking services linked to mobile money.
allow customers to withdraw money from their bank accounts
into their mobile money accounts and send, pay bills or
withdraw from agents.
they can deposit money into their mobile money accounts
and transfer it to their bank accounts.
become the most convenient way to transact banking
business in the East African nation, with major commercial
banks noting the technology is contributing heavily to
On the other
hand, there are dozens of sports betting firms as
investors capitalize on the growing popularity of
bookmaking, eased by mobile money.
data from the Betting Control and Licensing Board, the
regulator, some five million Kenyans have taken up
CEO of Kenya’s leading telecom, Safaricom, acknowledges
that sports betting is using mobile money a lot, noting
that the sector has greatly pushed use of their pioneer
During the six
months, the largest mobile money transactions were made in
March and May, where Kenyans moved 2.7 billion dollars and
2.8 billion dollars respectively.
Kenyans are moving 2.6 billion dollars on mobile money
platforms every month compared to 1.9 billion dollars in a
similar period last year.