Kenya Leads East Africa in Mobile Money Accounts

A new World Bank report has revealed that Kenya is leading the East African Community in mobile money accounts.

According to the report, 58 per cent of adults in Kenya hav have a Mobile Money account.

According to the 2014 Global Findex report, only 35 per cent of adults in Tanzania and Uganda have a mobile money account.

The report also indicated that in Kenya, 75 per cent of adults have either a financial institution or mobile money account up from 42 per cent in 2011.

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Mehnaz Safavian, a World Bank Kenya Senior Economist  said that the uptake of mobile money accounts took off in Uganda and Tanzania in 2011.

“This is in part due to the success achieved in neighbouring Kenya,” Safavian said during the launch of the 2014 Global Findex Report in Kenya.

Via DailyNews