The number of mobile money transactions grew by 7000% over the 5 year period to December 2011. The amount transacted grew by 7073% to KES 1,169 billion in 2011 while the number of transaction in a year grew 7773% to 433 million in 2011 from 5.5 million in 2007. According to The Financial Stability Report 2011, mobile money has been quickly taken up as the preferred mode of fund transfer and payment by Kenyans of all walks and businesses as well.
According to the report, mobile phone money transfer retail payment system moved a total of KES 1,169 billion with 433 million transactions in the year 2011 alone, up from KES 16.3 billion moved in 2007.
The number of transactions handled over the 5 years increased to 433 million in 2011 up from 5.5 million transactions recorded at the end of December 2007.
According to the report, although Mobile money payment system is widely used, it is not systemically important in terms of the financial system stability compared to Kenya Electronic Payment and Settlement System (KEPSS) due to the relatively low value involved. However, its wider usage makes it important to financial sector development and therefore its stability is critical to the overall financial system efficiency.