Kenya’s mobile commerce transactions – including Pay Bill Buy Goods and Services transactions – has reached Sh1trn (US$9.9bn) for the first time.
According to the Communications Authority of Kenya (CA), transactions hit Sh1.17trn ($11.6bn) in the second quarter of 2017/18, up 64% from the previous quarter’s recording of Sh714bn (US$7bn).
The nation was able to reach the trillion mark despite mobile commerce transactions falling from 352mn in the first quarter to 308mn in the second quarter.
“A total of 607.4 million mobile money transfer transactions valued at Sh1.763 trillion were carried,” stated the report released by the CA.
In the three months ending in December 2017, peer-to-peer transactions increased by more than Sh52mn ($515,320).
The number of transactions made through Safaricom’s M-Pesa (Lipan a M-Pease module) in the review period dropped, yet the company still noted the value of transactions almost doubling.
M-Pesa was responsible for the most transactions, followed by Equitel – the top two mobile money services in the country, based on the value and volume of transactions.
Safaricom reduce the costs associated with sales through it Lipan a M-Pesa last in year, in a bid to boost the platform’s usage.
The service was launched in June 2013 and now has more than 50,000 active merchants, whilst Equity Bank’s Equitel has over 30,000 merchants.