(Ecofin Agency) - Mobile Money transactions in Kenya dropped by a total of KSh36.7 billion over the first five months of 2020 to KSh1,752 billion against KSh1,789 billion over the same period in 2019.
According to the central bank, the peak of the decline occurred in April (KSh 50 billion) when the government took stricter measures to combat the coronavirus pandemic. The sector needs close monitoring, especially as the poor performance is putting huge pressure on Safaricom, which owns 99.1% of market shares.
Recently, the central bank has decided to extend for a further 6 months its measure allowing mobile money payments to be charge-free for users. And Safaricom said it now expects to lose the equivalent of $152 million for the whole year 2020. Mobile money has become an important source of income for the company.