Kenya Mobile Money Market to Reach US$ 174 Billion by 2024, Fostered by Ease of Access
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Mobile money is a financial service, which allows users to receive, store and send money with the help of the internet. It is a fast, secure, convenient, easy-to-use, multi-faceted and cost-effective means of making payments. As it eliminates intermediaries and involves reduced transaction costs, it is gaining traction across Kenya for transferring funds, recharging mobile airtime, and paying bills and school fees.
Rising internet penetration, lack of access to banking facilities and technological advancements in mobile services are some of the key factors driving the mobile money market in Kenya. Apart from this, several insurance companies and NGOs in the country are increasingly adopting mobile money for payments, which is also contributing to the economic and social development of the country. Other than this, m-PESA, the leading mobile money service provider in Kenya, is offering the service of withdrawing funds using smartphones without the requirement of a bank account. This is anticipated to strengthen the market growth in the coming years.
Explore full report with table of contents: https://www.imarcgroup.com/kenya-mobile-money-market
Based on the technology, the market has been segregated into unstructured supplementary service data (USSD), mobile wallet and others.
On the basis of the business model, the market has been bifurcated into the mobile and bank-led models.
The market has been analyzed on the basis of the transaction type into peer to peer, bill payments, airtime top-ups and others.
The competitive landscape of the market has also been examined, with some of the key players being M-Pesa (Vodafone Group), Equitel Inc., MobiKash Afrika Limited and Airtel Money.
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