mmnjug™ Profile picture
9 Dec, 11 tweets, 3 min read
Mobile cash transactions are on course for the highest annual growth in a decade, highlighting the economic recovery and the increasing use of cashless payments platforms. - @BD_Africa
.@CBKKenya data shows that @SafaricomPLC M-Pesa, @AIRTEL_KE Money and @TelkomKenya T-Kash agents handled Sh5.64T in the 10 months to October, a 38 percent jump from the corresponding period last year.
This is the fastest growth in cash handled by agents in the January-October period since 2011 — when it grew 60% to Sh938 billion — with monthly transactions likely to remain high this month due to the Christmas festivities that are characterised by heavy spending.
The sharp rise this year reflects the recovery of the economy, led by sectors such as transport, education, information and communication, wholesale and retail trade. In Q2 of the year, the economy grew by 10.1%, the highest quarterly expansion in over four decades.
Kenyans have also embraced cashless payments following recommendations and incentives put in place last year to discourage the use of hard cash, which was deemed a potential avenue for spreading Covid-19.
The removal of fees for transfers between mobile wallets and bank accounts, which is still in force, has seen volumes go up.
Business owners now find it easier to deposit cash at mobile agencies and then transfer it to the bank, saving themselves the hassle of queuing in banking halls and the risk of transporting the cash physically to the bank branch.
The number of active mobile money agents rose from 287,410 in January to 295,105 in October, underlining the growing demand for their services across the country.
The number of active mobile money accounts also went up in the period, from 66.59M to 66.88M.
Mobile money platforms were, in the formative years, used primarily for person-to-person cash transfers but are now a major payment channel for businesses, a shift that has led to the growth in the amount of money moved through the wallets.
Mobile money transactions growth in Kenya hits a 10-year record bit.ly/3ygWZkM via @BD_Africa

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More from @mmnjug

10 Dec
Court of Appeal judges have overturned 50-50 division of matrimonial property in two landmark verdicts, as debate rages on on how assets acquired during marriage should be shared. - @NationAfrica
In one judgment, the judges granted the woman a 10% share of the value of the matrimonial home, and explained that the man was entitled to 90% because evidence showed he paid for the property in full with no monetary contribution from the wife at all.
The appellate court noted that there was no child born from the couple’s union, hence the woman’s contribution would only fall under “companionship”. This is because even household chores like purchases at the supermarket were undertaken by a house help and the man’s driver.
Read 22 tweets
10 Dec
Nancy Chonge Chepkemwoi is reported to have failed to return Sh73,000 erroneously sent to her M-Pesa account by mistake has been charged with theft. - @Nairobi_News
Nancy Chonge Chepkwemoi was charged with stealing the money from Vincent Maina Wambutu on November 27 contrary to section 268 (1) as read with section 275 of the penal code.
Wambutu was transferring money from his bank account to his Mpesa but entered a wrong number and sent the cash to Chepkwemoi erroneously. He did not know until the next day when he contacted Chepkwemoi and found her phone switched off. He sent her a text.
Read 7 tweets
8 Dec
.@CBKKenya will start controlling the interest rates of mobile digital loans and ban lenders who share personal data of defaulters under a new law that seeks to protect Kenyan borrowers from predatory lending. - @BD_Africa
President Uhuru Kenyatta on Tuesday signed into law the Central Bank Bill, 2021 in legal changes that bring digital lenders under the watch of the banking regulator for the first time.
The CBK Act, 2021 will see the lenders seek approval of the central bank for the pricing of their loans and products, subjecting them to the same rules as commercial banks.
Read 22 tweets
8 Dec
The Lubumbashi leg of the #KenyaDRCTradeMission has officially started, following the official launch by the Vice Governor of Haut Katanga Province Jean Claude Kamfora. - @HapaKenya
The Lubumbashi leg of the #KenyaDRCTradeMission will be held over a 4 day period. Delegates will have an opportunity to interact with businesses through expert panel decisions, trade exhibitions, site visits and in person business meetings.
The Trade mission which is in its 8th day has so far attracted over 2,000 local and international delegates. It aims to showcase the trade, tourism and investment opportunities in the DRC and the Great Lakes region.
Read 9 tweets
8 Dec
Before constable Benson Imbatu went on the rampage, killing his wife and five other people before taking his life yesterday, his colleagues had feared it was a matter of when, not if, he would go berserk. - @NationAfrica
The policeman, who worked in Kabete, Kiambu County, had been implicated in a murder at Mountain View Estate in Nairobi about eight months ago. However, @IPOA_KE was yet to submit his file to @ODPP_KE for action, sources told @NationAfrica.
Had he been interdicted, his colleagues said, the civilians he was meant to protect would still be alive.
Read 4 tweets
8 Dec
When newly elected President of the Democratic Republic of Congo (DRC) Felix Tshisekedi arrived in Nairobi in 2019, few people understood the importance of his first official state visit. - @StandardKenya
It came two weeks after Tshisekedi’s inauguration in the country’s first peaceful transition of power in more than five decades.
The election itself had been delayed repeatedly since 2016, and Kenya had played a significant role behind the scenes to maintain stability in the volatile nation in negotiations that eventually saw immediate former President Joseph Kabila step down after 18 years in power.
Read 27 tweets

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