Mobile money transfer has hit the highest ceiling in the past three Months as the Money indicator shadowed a glooming indicator pulling back the market share index. Mobile money transfer companies have got their big share as the majority of Kenyans have been using the service over the other months.
Market activity cast gloomy shadows during the opening day of the week with all indicators pulling back as market capitalization declined to KES 2.361Trn. Equity turnover dropped to KES 0.37Bn from KES 0.52Bn before owing to a dip in the volume of shares traded. Foreign investors’ participation thinly led trading accounting for 64.75% of the total market activity on the following main counters: Safaricom, Equity Group, EABL, KCB Group and KennolKobil. The NSE 25 index lost 0.37% to stand at 4257.04points, while the NSE All-Share index shed 0.72% to settle at 162.21 points. The NSE 20 Index slumped by 0.51% to close at 3732.16 points.
Mobile money platform in Kenya handled KES 1.2Trn between April and June with M-Pesa channeling KES 903Bn during the period. The latest statistics from the Communication authority shows that mobile users made 480 million withdrawals and deposits in the three months and purchased goods and services amounting to KES 692Bn using mobile phones. The number of mobile commerce transactions stood at 316.5 million while peer to peer transactions stood at KES 541Bn.
The positive growth witnessed in the mobile money transfer was largely driven by the widespread use of mobile money solutions and adoption of the services among traditionally underserved groups and increasingly broad range of mobile money services (including insurance and loan products) in Kenya. The sector generated KES 241Bn in revenues in the three months whereas KES 40.9Bn was used for investments activities during the financial year 2016/17.
Safaricom as the Giant market Telecommunication with the first mobile money service got a bigger share of the 241 Billion revenue generated. Equity bank through equitel money transfer has also got a huge share compared to the other companies in the Mobile money industry.
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