Posted 1/23/2024, 1:38:01 PM
Kenya Mobile Money Growth Slumps to 16-Year Low After Tax Hikes
- Kenya's mobile money transaction growth hit a 16-year low of 0.5% in 2023 after government raised taxes on fees
- Kenya is the 2nd largest mobile money economy globally after China, with major providers like M-Pesa
- Mobile money platforms are preferred for faster, easier, cheaper transactions
- The tax hike and economic conditions impacted consumer incomes and transaction volumes
- In contrast, West Africa saw 25% growth in 2021-2022, driven by reforms and digital payment demand