Card payments through ATMs and point of sale (PoS) machines in Kenya has increased by 7% to 11.61 million in October from 10.86 million in January 2013, according to Central Bank of Kenya (CBK) data.
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During the period, the mobile payment transactions grew from 53.4 million to 68.27 million, an increase of 28%.
Currently, the average total mobile phone transactions made per day is valued at $58.4m. The average size of transactions made by each customer has increased from $45.5 in March 2007 to $78.6 in June 2013.
The growth is primarily due to reduced costs of maintaining micro accounts, financial market access and increased branch outlets.
Central Bank Governor, professor Njuguna Ndung’u, was quoted by Standard Digital as saying that the consumption of the portfolio of financial services and products clearly show that consumers require choices; hence the need to maintain the diversity and encourage competition and transparency of the different financial service providers amongst the different market segments and focus groups.
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By GlobalData"Ease of access to financial services is a key contributor to a country’s economic growth," Ndung’u added.
