Kenyan Mobile Money Deposits Now Greater Than the Country's Largest Bank
Published on: 21st Apr 2013
Kenya's mobile networks are now collectively the largest bank in the country thanks to the mobile money deposits they hold on behalf of their subscribers.
According to the telecoms regulator, the CCK, the mobile networks held Sh226 billion (USD2.65 billion) in deposits at the end of last year -- compared to the country's largest commercial bank, which held deposits of Sh223 billion.
"The mobile money transfer service continued to record tremendous growth during the period. The number of mobile money transfer subscribers grew by 9.4 per cent to 21.1 million up from 19.3 million recorded in the previous period," the CCK said in a report.
The regulator did not split out the deposits by mobile network, but it is a certainty that the country's dominant mobile network, Safaricom would have the largest deposits.
There are also now 62,300 mobile money agents around the country, enabling the handing of cash deposits and withdrawals from the mobile accounts.