Mengo NAIROBI (Xinhua) -- Mobile money use in Kenya
dropped in the third quarter of the year by 2 percent, the time
when the country was in an electioneering period.
Central Bank of Kenya data released on
Monday shows that the east African nation’s citizens transacted
on their mobile phones about 8.7 billion U.S. dollars during the
period, down from 8.9 billion dollars in the second quarter.
The slight decline is attributed to
the elections, with Kenyans having gone to the first polls on
Aug. 8, the presidential results of the elections were however
cancelled on Sept. 1 by the Supreme Court.
The apex court ordered a repeat poll
which was done on Oct. 26, but in September, the country
experienced a lot of political bickering that led to slowdown of
During the period, there was fear of
violence with people cutting down on spending and business,
therefore, on movement of money.
In the three months, the least
transactions were done in August, where a record low of 2.8
billion dollars being transacted. In July, transactions stood at
3 billion dollars and rose marginally in September to 2.9
Ernest Manuyo, a business management
lecturer in Nairobi, noted that decline in transaction was
expected as business slows down when the political climate is
“During such times, all the people
think about is their safety, therefore, in case they have
disposable income, they cannot send it to others but keep
for emergencies. That is how elections are disruptive but
the 2 percent decline is marginal,” he said.
In 2016, Kenyans transacted 26 billion
dollars on their mobile phones, with the figure expected to rise