Kenya’s mobile money transactions drop

Kenya's mobile money transactions drop

The Central bank of Kenya (CBK), has revealed that mobile money transactions have dropped for a second month in a row in February, following the end of the fee waiver for cash transfers of up to Sh1,000.

According to the latest data from the CBK, mobile money agents handled Sh567.99 billion ($5,23 billion) from Sh590.36 billion (5.44) in January.

The drop has been linked to the return of charges on the mobile money transfers and reduced cash-flow among Kenyans.

Following the CBK’s move to waive charges, transaction volumes had been on a steady rise since May 2021.

Kenyans also preferred mobile money as a method of sending or receiving funds in order not handle cash due to COVID-19.

Mobile money transactions volumes rose from Sh357.77 billion ($3.33 billion) in May last year, maintaining a month-on-month rise to hit a record high of Sh605.69 billion ($5.90 billion) in December.