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.

The Communications Commission of Kenya stated in a report, “The mobile money transfer service continued to record tremendous growth during the period. The number of mobile money transfer subscribers grew by 9.4 percent to 21.1 million up from 19.3 million recorded in the previous period.”

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