Mobile Cash Deposits Surpass $2 Billion In Kenya In Q4 2012
Mobile phone companies in Kenya handled Sh226 billion ($2.69 billion) in cash deposits between October and December 2012, Mobile Money Africa reports. This amount is nearly equivalent to the total amount of money held by clients banking with KCB, the largest bank in Kenya, at the end of 2012. The mobile firms handling the transactions also showed a 10 percent increase in deposits during the three-month period. The mobile company Safaricom, which runs M-Pesa, was responsible for the majority of the cash deposits.
