Kenya Mobile-Money Transactions Grow at Slowest Pace in 16 Years
- Value of transactions rose 0.5% last year to $49 billion
- Transfers affected by higher excise tax, constrained consumers
A mobile banking services app in Nairobi.
Photographer: Eduardo Soteras Jalil/BloombergKenya, a leading pioneer in mobile-money transactions, saw transfers grow last year at the slowest pace since 2007 after the government increased excise duty on transaction fees.
The value of transactions rose to 7.95 trillion shillings ($49 billion) in 2023, compared with 7.91 trillion shillings the previous year, according to Central Bank of Kenya data. The number of mobile wallets jumped 6% to 77.3 million at the end of 2023.