Kenya overtaken by Tanzania in mobile money transfer

[Bantugbro]

njoo na ushahidi bana, sio kuandika vitu tu.... Unataka kutuambia eti zaidi ya 80% ya GDP ya Tz inapitia kwa simu!!!

Nikikwambia kitu hapa ni ushahidi tosha

 

[Geza Ulole]

ECONOMY
Sh4trn mobile phone deals move half of Kenya’s GDP
THURSDAY, JANUARY 24, 2019 10:13
BY CHARLES MWANIKIBY CONSTANT MUNDA

Fresh Central Bank of Kenya (CBK) data shows that mobile transactions stood at Sh3.98 trillion last year, having increased by Sh346 billion -- or 10 percent -- from 2017. FILE PHOTO | NMG


Kenyans moved nearly half the equivalent of the country’s gross domestic product (GDP) through their mobile phones last year, underlining the growing importance of digital wallets to the economy.

Fresh Central Bank of Kenya (CBK) data shows that mobile transactions stood at Sh3.98 trillion last year, having increased by Sh346 billion -- or 10 percent -- from 2017. This translates to an average value of Sh10.92 billion mobile cash transactions per day.

That means Kenyans are increasingly adopting the use of mobile platforms in commercial transactions.

The massive data makes mobile transactions a key cog in the economic wheel, equivalent in importance to banking and other formal financial systems.

Increased popularity and easy access to mobile loans and sports betting have also fuelled the growth. Major sectors of the economy, including financial institutions, retail and wholesale traders, agriculture and health, have integrated mobile platforms such as M-Pesa into their payment systems owing to their convenience and speed.

The value of mobile money transactions in 2018 was equivalent to 44 percent of the GDP, going by the projected economic output of Sh9.09 trillion ($89.6 billion) last year judging from International Monetary fund (IMF) estimates.

Analysts say that the growth trajectory of mobile money is likely to remain strong, especially with more Kenyans adopting online shopping.

“There are still far more transactions that are happening through cash than mobile platforms, and so there’s still a lot more that can be explored,” said Mr Gerald Muriuki, a research analyst at Genghis Capital. “There is a lot of headroom in online shopping where Kenya still has a lot of potential for growth.”

The CBK statistics show that there were some 47.7 million mobile accounts in the country by the end of last year, at least one for each Kenyan on average, compared to 37.39 million a year earlier by the end of 2017.

Mobile cash transfers hit their monthly peak in December at Sh367.77 billion, a growth of Sh23.9 billion compared with a month earlier and Sh35.14 billion more compared with December 2017. This coincided with the festive period, which sees more cash being transferred and more money being spent on shopping and recreation.

Unlike during the formative years when mobile money platforms were largely used for person-to-person (P2P) cash transfers, they are now increasingly being used to initiate and cut business deals such as purchase of goods and services as well as processing of instant short-term loans.

The Communications Authority of Kenya (CA), the telecoms regulator, said in a report for the quarter ending September 2018 that the value of mobile commerce transactions (which includes both transfers and withdrawals) stood at Sh1.5 trillion – nearly double the Sh718.2 billion in P2P deals.

Banks are also likely to help in growing the numbers as they increasingly turn to the mobile space in the competition for transaction fees against telcos.

The lenders have their own mobile money wallet, PesaLink, through which account holders can transfer up to Sh999,999 to each other. They have also linked their accounts to the mobile wallets operated by telcos, allowing customers to deposit and withdraw money remotely.

Safaricom, the market leader in the mobile money space through M-Pesa, has been the big winner in the rise in mobile money usage, with revenue from the platform growing the fastest among key revenue streams in the half year to September 2018.

The telco earned Sh35.52 billion from M-Pesa.

Sh4trn mobile phone deals move half of Kenya’s GDP

 

[Geza Ulole]

View attachment 1003540

Can I have the link of the IMF page u got that table!

 

[Olliver Seid]

Can I have the link of the IMF page u got that table!

Top-20 Countries by GDP in the World, Asia, Europe, Latin America, and Africa - 2019 Forecast - MGM Research

 

[Olliver Seid]

Top-20 Countries by GDP in the World, Asia, Europe, Latin America, and Africa - 2019 Forecast - MGM Research

Report for Selected Countries and Subjects

 

[Geza Ulole]

Top-20 Countries by GDP in the World, Asia, Europe, Latin America, and Africa - 2019 Forecast - MGM Research

Who are MGM Research?

 

[Olliver Seid]

Who are MGM Research?

They took data from IMF. Here is it the data from IMF Report for Selected Countries and Subjects

 

[Geza Ulole]

They took data from IMF. Here is it the data from IMF Report for Selected Countries and Subjects

And they use Wordpress blog!

 

[Olliver Seid]

And they use Wordpress blog!

here is the link that you can source the information about Kenya.No need of being an ignorant hardass! World Economic Outlook Database October 2018

 

[Olliver Seid]

here is the link that you can source the information about Kenya.No need of being an ignorant hardass! World Economic Outlook Database October 2018

 

[Geza Ulole]

here is the link that you can source the information about Kenya.No need of being an ignorant hardass! World Economic Outlook Database October 2018

I dont need to do all that, I just need to know the credibility of MGM Research, is it one of those briefcase companies at Koinange street? By Kikuyus?

 

[Olliver Seid]

I dont need to do all that, I just need to know the credibility of MGM Research, is it one of those briefcase companies at Koinange street? By Kikuyus?

I gave you the links to IMF,leave alone the MGM research if you don't find it credible.Is this how Tanzanians argue?

 

[Mkikuyu- Akili timamu]

View attachment 1003540

Boss understand the data you have first before you use it. This is norminal not real GDP and its a forecast. You dont even know the difference between the two.
You cannot forecast economies,they are like the stock market or global oil prices..Completely undeterminable even with the smartest algorithim modeling software and supercomputers.
Learn dont expose your ignorance

 

[Olliver Seid]

Boss understand the data you have first before you use it. This is norminal not real GDP and its a forecast. You dont even know the difference between the two.
You cannot forecast economies,they are like the stock market or global oil prices..Completely undeterminable even with the smartest algorithim modeling software and supercomputers.
Learn dont expose your ignorance

I know all that.Forecasts are given on assumptions.It's not like its only the Kenya's GDP was given a forecast.If IMF forecasts tend to be true most of the time then the data here can be trusted.The Kenya's treasury's forecast on gdp projection figures aren't far off from IMF's.Anyway,no one is forced to believe.I bet IMF have mediocre economists in their ranks! Don't even believe the data,you don't have to.

 

[Mkikuyu- Akili timamu]

I know all that.Forecasts are given on assumptions.It's not like its only the Kenya's GDP was given a forecast.If IMF forecasts tend to be true most of the time then the data here can be trusted.The Kenya's treasury's forecast on gdp projection figures aren't far off from IMF's.Anyway,no one is forced to believe.I bet IMF have mediocre economists in their ranks! Don't even believe the data,you don't have to.

There is nothing wrong with IMF forecasts, they are just forecasts neither is there anything wrong with IMF saying Kenya currency is overstated by 17.5%. You cannot cherry pick what your itching ears want to hear from IMF

 

[Olliver Seid]

There is nothing wrong with IMF forecasts, they are just forecasts neither is there anything wrong with IMF saying Kenya currency is overstated by 17.5%. You cannot cherry pick what your itching ears want to hear from IMF

Neither can you,end off!

 

[Mkikuyu- Akili timamu]

Neither can you,end off!

So whats your point? You thought i was to reject or critic IMF forecasts? Hahaha pole sana I dont Question Science! Thats the preserve of jubilee idiots who think Rain comes from God not forests.. When you understand what forecasts are, you will not keep them under your mattress and occationaly pull them out for Quick wank

 

[Olliver Seid]

So whats your point? You thought i was to reject or critic IMF forecasts? Hahaha pole sana I dont Question Science! Thats the preserve of jubilee idiots who think Rain comes from God not forests.. When you understand what forecasts are, you will not keep them under your mattress and occationaly pull them out for Quick wank

Someone is deffo triggered! I presented the IMF forecasts and said nothing else. You are such a bellend to even think that I'm a supporter of the current government! What a knobhead!

 

[Olliver Seid]

Of course this is the way they argue. They suffer from emotional personality disorder!

They are not our peers,the Ujamaa folks will question credible info from a top source if it doesn't go their way!