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MARKET NEWS
Mobile money rises Sh215bn in first half
THURSDAY, AUGUST 8, 2019 19:54
A customer at an M-Pesa shop in Nyeri. FILE PHOTO | NMG
The value of deals settled through mobile phones in first half 2019 rebound from last year’s slowdown to grow by Sh215.29 billion, pointing to cooling off of political temperatures and rapidly changing innovations and disruptions in financial services.
Mobile payments in the half year hit nearly Sh2.14 trillion, a growth of 11.21 percent compared with last year’s 6 percent rise to Sh1.92 trillion.
Growth in value of cash deals transacted through mobile phones in the first half of 2018 was slowest in recent years, an analysis of the Central Bank of Kenya (CBK) statistics indicate, and coincided with political calls for boycott.
Head of financial services and risk advisory at EY East Africa Robert Nyamu said the mobile apps such as Safaricom’s M-Pesa are constantly challenged by additional digital channels especially in the higher-income segment that is already connected to banks.
“There’s a lot of disruptions within and without financial services ecosystem that is changing those dynamics every year, and new innovations are coming in all the time,” Mr Nyamu said.
Mobile money rises Sh215bn in first half
THURSDAY, AUGUST 8, 2019 19:54
The value of deals settled through mobile phones in first half 2019 rebound from last year’s slowdown to grow by Sh215.29 billion, pointing to cooling off of political temperatures and rapidly changing innovations and disruptions in financial services.
Mobile payments in the half year hit nearly Sh2.14 trillion, a growth of 11.21 percent compared with last year’s 6 percent rise to Sh1.92 trillion.
Growth in value of cash deals transacted through mobile phones in the first half of 2018 was slowest in recent years, an analysis of the Central Bank of Kenya (CBK) statistics indicate, and coincided with political calls for boycott.
Head of financial services and risk advisory at EY East Africa Robert Nyamu said the mobile apps such as Safaricom’s M-Pesa are constantly challenged by additional digital channels especially in the higher-income segment that is already connected to banks.
“There’s a lot of disruptions within and without financial services ecosystem that is changing those dynamics every year, and new innovations are coming in all the time,” Mr Nyamu said.