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Kenya’s mobile money market boosts telecoms

The Communications Authority of Kenya (CA) has said the telecoms sector is now a critical element in the country’s economy, as it revealed strong figures relating to mobile payments for goods and services, notes Mobile World Live. “In a report, CA noted the telecoms industry’s contribution to Kenya’s broader economy laid a foundation for growth in mobile money services. The regulator also hinted mobile financial services could be a boon for operators by helping to offset declining voice and SMS traffic.” According to CA statistics, the value of payments for goods and services made on mobile money platforms hit KES627.4 billion ($6 billion) in the opening quarter of 2017, placing mobile payments comfortably ahead of cash and card payments, which totalled KES471.1 billion during the period. “A key figure for operators is the number of mobile money subscriptions, which CA placed at 27.5 million in Q1. With the authority noting total mobile subscriber numbers hit 39.1 million during the period, it means just over 70% of all mobile users in the country are signed up to a money service.” CA noted the benefits of mobile money go beyond the telecoms sector, predicting the growth in wireless purchases could spur a much-needed recovery in the post and courier segment, which it stated had demonstrated a downward trend during Q1. Meanwhile the value of mobile banking transactions in Zimbabwe grew by $403.6 million in the space of 15 months fuelled, in part, by closer alliances between operators and banks. Read more and here

  • Tuesday, 18 July 2017

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