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Kenya Head Of African Mobile Money Markets

Kenya Head Of African Mobile Money Markets

Written by Michael Malakata | From PC World

Technological and cultural trends have put Kenya at the forefront of the mobile money boom in Africa.

A recent report by the Central Bank of Kenya shows that mobile money transfer service providers moved close to 2 trillion Kenyan shillings (about $23 billion) via 733 million transactions last year alone. That was up from 579 million transactions worth 1.5 trillion shillings in 2012.

The Communications Commission of Kenya, the country’s telecom sector regulator said recently that there are over 25 million mobile financial service subscribers in Kenya. Safaricom, Kenya’s largest mobile operator and an early entrant in the mobile money market in Africa, has about 20 million of the country’s mobile money users.

Kenya is the third largest telecom market in Africa after Nigeria and South Africa by investment and subscription.

But the report confirms that the East African country has become the largest mobile money market in the region.

Read more at PC World