Person-to-person mobile money transfer hits Sh684.5 billion mark

Noel Wandera @NoelWandera5

The value of person-to-person (P2P) transfer over mobile money platforms hit Sh684.5 billion in the three months to December, latest statistics from Communications Authority of Kenya (CA) indicate.

The massive transaction count not only makes mobile transactions a key cog in the economic wheel, but also stamps the fact that Kenyans can use digital finance as a lever to influence social distancing and P2P transactions in an infectious health crisis, such as the Covid-19.

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Unlike formative years, when mobile money platforms were largely used for P2P cash transfers, they are now increasingly being used to purchase goods, process instant short-term loans and make payments for government services.

During the period under review, consumer to business transfers were valued at Sh294 billion, business to consumer transfers stood at Sh377.4 billion, while the value of transfer from business to business stood at Sh859.6 billion while the value of consumer to government payments was Sh9.7 billion.

The data released yesterday comes on the backdrop of the government’s and mobile network operators’ announcement that all P2P transactions under Sh1,000 will not attract sending fee for the next 90 days. 

This, in a bid to reduce the physical exchange of currency in response to the Covid-19 outbreak, that has so far seen 50 persons in the country test positive and claimed one life.

Safaricom’s M-Pesa recorded the highest market share of 98.8 per cent.