60 % of Kenyans use their mobile phone for banking transactions-report

Tuesday 28 January 2014 08:50 CET | News

60 % of Kenyans use their mobile phone for banking transactions and 64 % of Kenyans send or receive money locally through their mobile phones, a recent study has revealed.

According to a study by the Kenya Bankers Association, 48 % of bank customers are paying their utility bills through their mobile phones, 16 % are paying for school fees and 13 % are buying goods for their homes.

Although 58 % of cash is still withdrawn from the ATM lobby, mobile operators transact about one-fifth of all cash withdrawals in Kenya.

Finally, the study revealed that while cost-saving is an important benefit of mobile banking, security and time-saving are considered to be more critical considerations for mobile banking uptake.

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Keywords: Kenyans, Kenya, mobile phone use, banking transactions, report, mobile banking
Categories: Payments & Commerce
Countries: World
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