An M-Pesa shop. Our greatest innovative export is M-Pesa, which solved a local problem perfectly and is also relevant in different markets around the world. PHOTO| FILE| NATION MEDIA GROUP
Equity Bank has also joined the mobile money bandwagon with the launch of its mobile money transaction service, Equitel. Other companies in the business are Airtel, Orange, Tangaza Pesa and MobiKash.
Increase in the use of mobile money services has seen transactions made through electronic payment cards decline. For instance, transactions through electronic payment cards stood at Sh1.5 trillion in 2013 against Sh1.9 trillion made through mobile phones.
In the first 10 months of 2014, transactions via payment cards stood at Sh104.8 billion, a 19 per cent decline from Sh129.7 billion registered in a similar period in 2013.
Money transacted through mobile phones daily has hit a record Sh7 billion. This paints a rosy picture for the future of the new platform that is deepening financial inclusion in Kenya.
Analysts project a bright future for mobile money business now that it is being used in various aspects of the economy.
