Mobile phone money transfers race ahead of debit cards - Four in five new cell phone subscribers are signing up for money transfer services, the latest industry data shows.
Mobile phone money transfers race ahead of debit cards - Four in five new cell phone subscribers are signing up for money transfer services, the latest industry data shows. The new statistics indicate that the handset has become a key tool for financial inclusion. The Communications Commission of Kenya attributed the preference for mobile money transfer platforms to the ease of enlisting for the service. "Continued growth is an indication of subscribers' preference for mobile money transfer, which could be attributed to accessibility and affordability even to low-income earners," CCK said in an industry report for the third quarter of last year.
The data released on Friday shows that 83.9 per cent of the customers who signed up for mobile phone services between July and September last year also signed up for money transfer services.
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