A new report by World Bank has ranked Kenya as the highest user of Mobile Money Transactions in Sub-Saharan Africa.
The World Bank report also indicated that two-thirds of adults worldwide without an account cite lack of money as the obstacle they face in using formal financial services.
On its Twitter page on Monday, December 19, the international lender said Kenya emerged top with a 68% score beating Sudan (52%) to second place while Gabon was third with 50%.
“Kenya is the highest user of mobile phones for money transactions in the Sub Saharan Africa region,” it tweeted.
In September 2019, according to the Communications Authority (CA), Kenyans performed 425.3 million mobile commerce transactions between July and September 2019.
The quarter also reported 31.2 million mobile money users, as well as 235,168 agents that serve the end users.
Millions of transactions were also performed over the period that were valued at KES 1.7 trillion. The CA says that person to person transfers were valued at KES 650.0 billion.
The report revealed that more than 70% of the transactions, which included loans, savings and cross-border transfers, were made via M-Pesa, the world’s leading mobile payments provider.