Kenya’s cashless transactions up 15pc – CBK

By Semaj Itosno, Nairobi, Kenya

Kenya’s quest for a cashless economy is gaining momentum as more people embrace use of plastic money.

Latest statistics by the Central Bank of Kenya (CBK) indicate that the number grew by 15.12% to 9.9 million cards by June 2012, from 8.6 million cards recorded by June 2011.

The statistics also indicate that commercial banks installed more automated teller machines (ATMs) across the country.

CBK says number of ATMs increased by 5% to 2,291 in 2012, up from 2,183 in 2011.

“This signifies a growing shift from cash-based payments to non-cash payments as consumers forego coins and notes to swipe their cards,” notes CBK.

According to the CBK, statistics use of debit cards, credit cards and charge cards has increased over tenfold in the past seven years to 9.8 billion in 2012, from slightly over 995 million in 2005.

“The value of transactions effected through cards increased by 7.95% to 673.3 billion from 623.7 billion during the period, equivalent to over 30% of the total Sh1.6 trillion of broad money supply transacted,” says CBK.

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