For the better part of the pandemic, Kenyans have been mostly using their mobile Phones for cash transfers as the state advised on reduction of hand to hand transactions.
From April to the end of June, the value of person to person mobile transfers reached Ksh 722.6 Billion, a 7.2% increase from Ksh 674.1 Billion mobile transfers between January and March 2020. The Communications Authority(CA) attributes this growth to the government directive to waive transfer fees for mobile transactions below Ksh 1,000.
In its Q4 Sector Statistics Report, CA reports that the volume of person to person transfers increased by 24.3% to 559.04 Million from 449.89 Million between January and March 2020.
In the period between April and June 2020, the value of transfers from customers to businesses rose 43.8% from Ksh 310.48 Billion to Ksh 446.50 Billion, the highest increment during the quarter.
Mobile cash transfers between businesses increased by 13.3% from Ksh 878.16 Billion to Ksh 994.64 Billion at the end of June, 2020-as more firms went cashless as a measure to fight the spread of the pandemic.
Electronic cash transfers between individuals and Government agencies fell 62.5% from Ksh 23.31 Billion to Ksh 8.73 billion as the virus hit businesses and eroded their ability to fulfil their tax obligations.
The amount of cash deposited in mobile wallets between April and June 2020 increased by 4.3% from Ksh 608.16 Billion to Ksh 634.03 Billion.
As at 30th June 2020, active mobile money subscriptions stood at 30.5 million, compared to 29.19 Million at the end of March 2020, an increase of 4.6%.
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