Airtel Money and M-Pesa shops in Nairobi. PHOTO | FILE NATION MEDIA GROUP
Mobile money transfer surpassed the Sh2 trillion mark in the first 11 months of 2014, highlighting the significance of the service to the financial services sector.
Money that changed hands through mobile-phone technology stood at Sh2.15 trillion between January and November 2014, surpassing the full year transactions of 2013 by Sh250 billion, data from the Central Bank shows.
In the 11 months of 2013, mobile cash transactions totalled Sh1.72 trillion, Sh430 billion lower than a similar period last year.
In October last year, daily transactions reached a new high of Sh7 billion, driven by increased usage and new signings by agents seeking to tap into the growing mobile money business.