Customers’ cash deposits held by mobile phone companies in Kenya hit KSh226 billion as of December, making the telecoms firm Safaricom's MPESA money transfer service, Kenya’s biggest bank in terms of deposits.
The total deposits held in mobile money subscriber accounts by the country’s four mobile firms Safaricom, Airtel, Yu and Orange increased by 10 per cent between October and December, according to a report released by the communications regulator the Communications Authority of Kenya.
The amount surpassed the cash held by Kenya’s biggest commercial bank Kenya Commercial Bank, as measured by clients’ money whose total deposit is about Sh223 billion for its local operations.
“The mobile money transfer service continued to record tremendous growth during the period and the number of mobile money transfer subscribers grew by 9.4 per cent to 21.1 million up from 19.3 million recorded in the previous period.
Though the CCK report did not break down the amount held by each telecommunications firm, Safaricom’s M-Pesa is by far the biggest holder for the bulk of the deposits.
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