Mobile transactions in Kenya have been gaining momentum in recent months, thanks to such platforms as M-Pesa and mobile banking apps.
With the coming of Covid-19, Kenyans were encouraged to embrace the use of mobile money platforms and avoid banknotes that had the potential to spread Covid-19.
The World Health Organisation (WHO) called on people around the world to minimize the use of banknotes as they carried a great risk of spreading the Covid-19 virus.
In the month of July alone, Kenyans transacted more than 400 billion shillings via mobile platforms according to data from the Central Bank of Kenya (CBK).
CBK says the value of transactions via mobile in July included cash transfers and payment for goods and services. The value closed the month at 450.98 billion shillings, an increase of 14.96 percent from 392.17 billion shillings in June.
Financial analysts have linked the spike in mobile transactions to the opening up of the economy gradually by President Uhuru Kenyatta after a series of restrictions that included the cessation of movement in and out of some counties.
The removal of charges for sending 1,000 shillings and below via mobile platforms (M-Pesa) encouraged most Kenyans to start using mobile money. The Central Bank of Kenya also ordered banks to drop charges for customers moving their cash from their bank accounts to mobile wallets.
In 7 months to July, Kenyans have transacted a total of 2.595 trillion shillings via mobile platforms. At the same time in 2019, Kenyans had transacted a total of 2,502 trillion shillings.