Mobile Transfer Correspond 91 Percent of Kenya’s GDP Last Year

Last year, the country recorded transactions equivalent to 91 percent of Kenya’s GDP completed via mobile-based platform.

From the data, Safaricom’s Mpesa service emerged as the most significant player in the increase with over 22 million registered users transacting KSh8 trillion last year.

Mpesa transacts over Ksh15 million per every minute and disburses approximately two mobile loans per second; this is according to the Safaricom’s Chief Financial Services Officer Sitoyo Lopokoiyit.

The penetration of mobile money in the country has dramatically increased the formal financial service for the people who had financial accessibility challenges before.

The level of financial Inclusion in Kenya is at 83 percent of the adult population up from 27 percent in 2006 when mobile financial services did not exist.

“Financial Inclusion is not a term we use lightly or conveniently to suit us when needed. We have invested in ensuring that we leave no one behind.” Said Sitoyo Lopokoiyit adding that the service has played a vital role in poverty eradication lifting over 194,000 Kenyans.

According to the senior executive, mobile networks and devices can transform the lives of Africans and the growth of the continent.