The value of mobile commerce transactions in Kenya has passed the Ksh1 trillion ($10 billion) mark for the first time.
Data for the second quarter of 2017/18 from the Communications Authority of Kenya (CA), shows transactions grew to Ksh1.17 trillion ($11.7 billion) up from Ksh714 billion ($7.14 billion) in the previous quarter - an increase of 64 per cent within three months.
This is despite reduction in the number of mobile commerce transactions to 308 million compared to the previous quarter’s 352 million.
The number of transactions on Safaricom’s M-Pesa (Lipa na M-Pesa module), for example, fell despite the value of the transactions nearly doubling.
Peer-to-peer transactions continued to increase by more than Ksh52 billion ($520 million) in the three months to last December.
The bulk of the transactions were conducted on M-Pesa followed by Equity Bank's Equitel, the top two mobile money services by value and volume of transactions.
“A total of 607.4 million mobile money transfer transactions valued at Ksh1.763 trillion ($17.63 billion) were carried,”