Telecom

Kenya: Mobile Money achieved $55.1bln record performance in 2021

Kenya: Mobile Money achieved $55.1bln record performance in 2021
Wednesday, 12 January 2022 05:05

With the Covid-19 crisis in 2020, the Kenyan government waived fees on mobile money transactions over a certain amount. Now, although these incentives have been lifted, people have kept their MoMo habits.

Mobile money transactions reached KSh6,246 billion ($55.1 billion) between January and November 2021. The Central Bank reported 1.9 trillion transactions on 67.15 million active accounts.

The value of mobile money transactions over the first eleven months of 2021 is nearly 20% higher than that over the whole year 2020 (KSh 5,213 billion). The number of transactions also grew by about 19% compared to the 1.6 trillion in 2020 for 66.01 million active accounts.

According to the Central Bank of Kenya, October recorded the highest number (190.06 million) and value (KSh 618.14 billion) of transactions. In 2020, December was the biggest month with KSh605.29 billion in value and 181.37 million transactions. The increase in the volume of mobile money transactions has continued in Kenya despite the removal of Covid-19 subsidies. On March 16, 2020, a series of emergency measures were adopted by the Central Bank of Kenya to facilitate mobile money transactions during the lockdown. These measures included waiving fees for mobile money transactions of up to KSh1,000, waiving transfer fees between mobile money wallets and bank accounts. These exemptions were lifted on January 1, 2021.

During the exemption period, service providers deplored a decrease in revenues. For example, in its FY2020 financial report, Safaricom reported a 2.1% YoY drop in M-Pesa revenue, with a 14.5% YoY decline in the first half of the year. The company announced a recovery later, in the first half of 2021, after the exemption ended.

Muriel Edjo

On the same topic
• The campaign will run from September 2025 to September 2026 across all 16 regions.• The government inaugurated the Ghana Association of Privacy...
• Tunisia will launch 138 digital transformation projects between 2025 and 2026, covering administration, economy, cybersecurity, and infrastructure.•...
Local firms deliver digital solutions for transport, health, and territorial admin. Systems include biometric licenses, hospital records, and local...
Cameroon invested $45.2-54.2 million in fiber optic infrastructure, but it remains largely underutilized. Consumers continue to report...
Most Read
01

From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...

Africa's Boundless Future: How a simple mobile phone became a pocket bank for millions
02

Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...

Gabon’s Airtel, Moov to Share Towers Under Govt-Brokered Deal
03

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
04

Malawi votes in high-stakes presidential election Tuesday Economic crisis, inflation dominate vot...

Malawi’s Election Puts Incumbent Chakwera to the Test on Inflation and Fuel Shortages
05

Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...

Saudi Arabia’s 2025 Shopping List Now Includes Industrial Parks in Africa — With a $700 Million Entry Ticket
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.