Kenyans Sent Nearly Ksh 1 Trillion to Businesses in Three Months

The total value of deposits surpassed Ksh 1 trillion

As the country opened from the over 3-month lockdown effective March 18, 2020, to July 7, Kenyans spend increased as well, as people resumed their jobs and businesses opened their doors.

The value of transfers send to businesses across pay bill and till numbers increased significantly.

From just Ksh 735.9 billion paid to businesses from July to September, Kenyans increased their spending to nearly 1 trillion.

The figures come from the latest Sector Statistics report by the Communication Authority of Kenya(CA). The CA noted that the value of Customer-to-business, C2B, transactions increased by a third in the three months to December 31.

It wasn’t a one-way thing, however. The value of Business to customer transactions, B2C, increased, too, by 22 percent to Ksh 648.8 billion from 530.8 billion.

The report also reveals an increase in the value and the volume of transfers between mobile money users.

The volume of P2P transfers rose to Ksh 871.5, a 22.1 percent increase, and the volume grew 15.1 percent to over Ksh 1 trillion.

The value of deposits increased as well. Kenyans deposited to over Ksh 1 trillion, 24 percent higher than in the September quarter.

According to the report, the number of active registered mobile money subscriptions increased in the quarter to 32.5 million. Total mobile money agents increased by 7.9 percent to over 264,000.

The only negative metric in the report is the value of government to customer transfers, which declined 4.5 percent to Ksh 7.1 billion. On the other hand, C2G transactions increased to Ksh 13.2 billion from Ksh 12.4 billion in the quarter prior.

Mobile Money Market Share

For the first time, the CA did not include mobile money market share statistics in the report. Given the continued dominance of Safaricom PLC’s M-PESA, it’s not that hard to tell how the market might be looking like as of now.

There’s less chance that Airtel Money, Airtel Africa’s mobile money product, or Telkom Kenya’s T-Kash grew their respective market shares significantly.

From the September report, released in January, M-PESA dominated all categories, including value and volume of P2P, C2B, B2C, G2C, G2C transfers. Heck, even the number of deposits and agents.

M-PESA controlled nearly 99 percent of Kenya’s mobile money market as of March 2020.

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Alvin Wanjala

Alvin Wanjala has been writing about technology for over 2 years. He writes about different topics in the consumer tech space. He loves streaming music, programming, and gaming during downtimes.

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