NAIROBI (Xinhua) --
The mobile money sector is playing an
increasingly important role in boosting employment in Kenya.
At least 200,000
people are currently employed in the sector, latest data from
the Communication Authority of Kenya and the Central Bank of
Kenya showed Saturday.
The number has risen
from less than 300 in March 2007 when the service was introduced
in the East African nation.
The bulk of those
employed in the sector are agents spread across the East African
nation to offer withdrawal and deposit services. They are
located in shopping centers, villages, retail outlets and
Susan Musembi is one
of the mobile money agents in Nairobi. The sociology graduate
started the business after failing to get a job in her line of
training two years after graduation.
She has two mobile
money outlets, one located in the estate where she lives and
another at a shopping Centre.
“I run the one at
the Centre because it has huge traffic and transactions are
bigger,” she said.
Her day starts at 8
am and sometimes she transacts business late into the night,
especially end month.
To start the
business, Musembi paid 700 U.S. dollars deposit to the
telecommunication firm offering the service and she pays a
monthly rent of 100 dollar for her shop.
“I am happy with the
business because the commission I get at the end is not bad,”
said the 29-year-old.
Samson Mukadi, mobile money agency offered him a new lease of
life after losing his job.
Mukadi was retired
from his accountancy job at a private company in Nairobi
following a staff rationalization program. He ploughed part of
the 5,000 dollars he was paid for dismissal into the business.
Four years later, he
does not regret as he has opened two more outlets in Busia, on
the border of Kenya and Uganda, his rural home where he
relocated to from the capital Nairobi after losing his job.
“I run the shops
alongside my accounting consultancy firm. I can say I am a happy
man. I have been able to educate my four children, one who is
now in university without any hitches,” he said.
Bernard Mwaso, a
consultant with Edell IT Solutions in Nairobi, noted the sector
is offering jobs due to increased demand for the service.
“Kenyans cannot do
without mobile money. So pervasive is the service in their lives
that transactions and number of subscribers have been rising in
the last decade,” he said.
at 36 billion dollars in 2017 and a high of 3.3 billion dollars
a month in July, according to the Central Bank.
Kenyan money market recording
NAIROBI (Xinhua) --
The Kenyan money market recorded improved
liquidity in the week ending October 3, pushing down the rate at
which banks borrow from each other.
The high liquidity
was due to increased government payments that boosted
circulation of cash in the economy, the Central Bank of Kenya (CBK)
said in its weekly brief on Friday.
As a result, the
average interbank rate declined steadily to 4.2 percent on from
a high of 6 percent at the start of the week, said the apex
The CBK noted that
liquidity conditions had been tight at the beginning of the week
on account of tax remittances by banks before improving to push
the rate down.
volumes traded consequently decreased from 20.2 billion Kenyan
shillings (about 202 million U.S.dollars) on Sept. 27 to 10.7
billion on Oct. 3.