Mobile money transactions decline to a 34-month low
The slowdown points to the reduction in purchasing power after a drastic rise in statutory deductions in last few years...
✨ Key Highlights
The value of mobile money transactions in Kenya has fallen to a 34-month low, reaching Sh633.35 billion in February. This marks the lowest point since April 2023, signaling a significant shift in payment patterns.
- The total value transacted by mobile money agents, including those linked to banks and telecommunications firms, was Sh633.35 billion in February.
- Data is from the Kenya National Bureau of Statistics (KNBS).
- This decline is attributed to a changing payment landscape, increased tax effects, and reduced consumer spending power due to higher statutory deductions, such as the NSSF contributions.
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Co-op Bank Restructures Into Holding Firm Amid Financial Sector Shifts - April 2026
Co-operative Bank of Kenya has announced plans to restructure into a non-operating holding company, to be known as "Co-opbank Group PLC", pending necessary approvals. This move comes as the financial sector experiences significant shifts, with mobile money transactions falling to a 34-month low, reaching Sh633.35 billion in February - the lowest point since April 2023. Meanwhile, Sanlam Allianz Holdings reported a 2.4 per cent increase in profit after tax to Sh838.0 million for FY 2025, though the company flagged的压力 from volatile investment returns. The decline in mobile money signals a significant shift in payment patterns across Kenya's financial landscape.
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