Technology

NAIROBI (Web Desk) – Kenya’s mobile money transactions have hit new high in just 10 months this year, according to data from the country’s Central Bank.

The East African country leads the world in mobile money use, and could make a new record this year. Kenya’s 10-month transactions to October – $23 billion – equal the country’s entire transfers for 2014.

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This year the use of the service could surpass the $27 billion mark, an unnamed information technology expert told the Xinhua news agency.

“If subscribers transact an average of $2.2 billion a month, then it means in November and December they will move at least $4.4 billion. If you add it to $23 billion it comes to $27.4 billion, which is a new record,” said the expert.

Men speak on mobile phones at the Adjame market in Abidjan on June 23, 2009. The African market for mobile telephones has since 2002 shown the "fastest growth rate in the world", according to a survey conducted by business consultancy Ernst Young and published Monday. "Since 2002, the African market has seen a growth rate of 49.3 percent, where the French market has only seen 7.5 percent a year, compared with 28 percent in Brazil and 27.4 percent in Asia, said the report released in Abidjan. AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

Kenya’s average monthly transactions stood at $2.2 billion this year compared with $1.9 billion in 2014.

October saw the most transferred when $2.51 billion was sent via mobile phones. It’s the highest ever transaction made in the history of mobile money services.

Kenyans use mobile financial services to buy goods, pay bills, pay fares, send and receive money. It’s the easiest way to make payments as most of the people don’t have bank accounts.

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Analysts relate the rise in mobile money use to an increase in mobile providers and promotion of the services.

According to the data from Central Bank of Kenya, the number of mobile money subscribers as of October reached 28.5 million, up from 27.3 million in September. The number of service agents stood 140,612 in October.