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Added: 11 months 1 week ago
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Mobile money transactions reach over 2 million daily
In 2009, when mobile money services were launched, 3 million transactions were concluded in a year, but by July 2016 there were over 2 million transactions daily.

The phenomenal uptake of mobile money services has greatly increased the population's access to financial services, especially for those people who were being ignored by the traditional commercial banks.

The number of accounts held in banks has risen to 6 million in 2016 from a few thousand at independence-a period of 54 years. But in just eight years, mobile money accounts have grown from zero to 21 million.

In the same 8 year period, bank accounts have risen from 2 million to six million shillings. Represented as percentages of growth, in 8 years, banks have grown 200% where mobile money has grown by 3400%

In addition to its phenomenal growth in number of accounts, the number of transactions on the platform have also grown rapidly. In 2009, when mobile money services had just been launched, 3 million transactions were concluded in a year, but by July 2016 there were over 2 million transactions daily.

In the 809 million transactions, 37.4 trillion shillings worth of money changes hands, which is Shs13 trillion shillings higher than the national budget, which is Shs24 trillion.

There is Shs101 billion that is traded on mobile money daily-enough to pay 369,963 primary school teachers their monthly salaries.