'The Invisible Bank of Kenya' is all set to make world record

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.



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.



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.



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.