Payment of goods and services through mobile money transfer platforms hit Ksh 692 billion in the second quarter of 2017, up from Ksh 102 billion transacted in December 2015.
According to the Communication Authority of Kenya, the positive growth is attributed to the widespread use of mobile money solutions as well as the adoption of the service among the rural populations.
Mobile money transfer has been growing exponentially over the years, fuelled by the need for convenience and safety.
According to the Communication Authority of Kenya, mobile money has evolved to become a loan disbursement tool, adding to other uses such as peer transfers, betting, paying for shopping, utility bills, school fees, as well as receiving dividends.
The number of mobile commerce transactions stood at 316.5 million while person to person transfers were valued at Ksh 541.8 billion.
In the quarter under review, there were 480.5 million transactions, both withdrawals and deposits, valued at Ksh 1.2 trillion.
This growth in mobile money transfer has been attributed to adoption of the service among the rural population as well as the increasing broad range of mobile money services such as insurance and loan products.
In the same period, internet subscriptions grew by 15.2 percent to 29.6 million, up from 25.7 million subscriptions recorded in the previous quarter. This was supported by growth in mobile data subscriptions which grew 15.3 percent to 29.4 million in the quarter under review.
This has been enhanced by availability and affordability of internet enabled handsets and internet bundles as well as increased broadband connectivity.
During the period under review, fibre optic data subscriptions stood at 54,700, up from 48,040 subscriptions registered during the previous period while broadband subscriptions grew 12.6 percent to 15.4 million up from 13.7 million posted in the preceding quarter.
According to the report, the number of free-to-air TV channels on the digital platform increased to 66, up from the 60 recorded in the previous quarter.
This has been attributed to licensing of new entrants in the broadcasting market.
The Communication Authority says the digital signal covered 78 percent of the Kenyan population as at the end of June 2017 up from 75 percent reported during the previous quarter, occasioned by the extension of network coverage by some of the self-provisioning digital signal distributors.