Mobile Money Agents Handle Over Ksh4.4 Trillion In Eight Months

Mobile money agents handled Ksh4.44 trillion in eight months to August as compared to Ksh3.07 trillion handled in a similar period in 2020.

This is according to new data by the Central Bank of Kenya (CBK), which shows that the number of times money was withdrawn or deposited increased by  244 million (20.8 percent) to 1.418 billion from 1.174 billion.

The number of active M-Pesa, Airtel Money, and T-Kash agents increased to 304,822 in August from 252,703 in the same month in 2020.

M-Pesa controls the largest number of agents at 89.8 percent of 283,357 operating in the period ended June, while Airtel Money and T-Kash at 7.5 percent and 2.7 percent, respectively.

Read: Kenyans Transact Ksh3.26 Trillion Through Mobile Money In Six Months

The data shows indicators of an economy in the rebound, after a hit due to the Covid-19 pandemic that hit the country and the world in 2020.

“The economy is expected to rebound in 2021, supported by the continued reopening of the services sectors including education, recovery in manufacturing, and stronger global demand,” said CBK governor Patrick Njoroge after a Monetary Policy Committee meeting in July.

The increased transactions also indicate that people are embracing cashless transactions as a way of curbing the spread of Covid-19.

As of September 27, 2021,  248,515had been infected with Covid-19 in Kenya, 5,109 died from the virus while 240,672 have recovered.

A total of 3,627,280 vaccines have been administered. Out of these, 2,737,982 are first doses while second doses are 889,298.

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