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60% of Kenyans use mobile banking

January 22, 2014 • East Africa, Mobile and Telecoms, Top Stories

Cellphones

Most Kenyans use their mobile phones for banking and financial services claims the Kenya Bankers Association. (Image credit: http://nbry.wordpress.com/)

A study by the Kenya Bankers Association (KBA) has revealed that 60% of Kenyans use their mobile phones for banking and financial services.

The Association’s Director for Research and Financial Markets, Jared Osoro, has reportedly confirmed the findings.

Capital FM reports that according to the study, 71% of rural residents use their phones for this purpose, whereas the percentage of urban residents who do the same is 51%.

Osoro is quoted as saying, “The use of mobile phones for the payments of other bills like school fees at 16 percent , goods for home at 13 percent and office at 8 percent while entertainment also at 8 percent is quite low with less than 20 percent of the respondents paying through their mobile phones.”

People reportedly use their phones mainly for cash withdrawals and deposits, claims the report, with 64% of users engaging mobile money transfer services.

Chris Tredger – Online Editor

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