Kenyan Mobile Money Hits $8 Billion
We recently discussed the success of Kenya’s Mobile Money service, M-Pesa. A news story last week shared just how successful M-Pesa really is – in the year ended June 2012, the Kenyans deposited $8 billion into the service. That’s a 38% increase over the previous year, up from $5.8 billion. These numbers are truly staggering and show the untapped potential of mobile money.
A few other numbers reported by the Communications Commission of Kenya:
- The number of mobile money agents rose 16% to a total of 49,079
- The number of subscriptions rose by 12.13% to reach a total of 19.5 million
The end result is great financial freedom for citizens, and a great example for countries around the world. We will continue to watch the development of M-Pesa in the weeks and months ahead.