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Kenya : mobile money transactions plateau

Kenya’s mobile money transactions remained flat in 2023, the Central Bank said in an update released, underlining the effects of higher inflation in the country.

The apex bank said the East African nation citizens in 2023 moved 7.95 trillion shillings (about 49.15 billion U.S. dollars) on their mobile phones, from 49.2 billion dollars transacted in 2022, the first fall in 17 years.

During the period, citizens moved the highest amount of money — 4.87 billion dollars — in December 2023 and the least — 3.57 billion dollars in February, the central bank said.

“Kenya: Mobile Money Transactions Plateau in 2023 Amidst Rising Inflation, First Decline in 17 Years – Central Bank Report”

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