Here are our views on the news making headlines today for Kenya:
Mobile banking offers the best tool to drive national savings for growth. Over the last decade, the telecommunication and finance sectors have been key differentiators that have powered the growth of the Kenyan economy.
Our View: Mobile banking has helped foster a more dynamic banking sector and has increased the financial inclusion for the country. The latest statistics show 66.9% of Kenyans had access to formal financial services. The personal financial behavior of the average Kenyan changed dramatically in recent years. The number of people relying on informal institutions plummeted, as Kenyans turned to mobile money services to manage their savings and transactions needs. M-pesa continues to be a success story and today, nearly all banks have integrated mobile money into their systems and are among the leading innovators in utilization of the technology. Mobile phone money transactions in December last year were valued at an average of KES7.27 billion per day, with a total user base of 25.2 million Kenyans...
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