The number of subscribers on mobile money platforms has rebounded, a new report by the Communications Authority of Kenya (CA) shows, citing the removal of a code that forced customers on Airtel Money to withdraw cash within seven days of receipt or see the amounts reverted to senders.
The latest sector statistics report published by the regulator shows that subscribers onboarded into the mobile money ecosystem during the three months to March this year totalled 700,000, bringing the number to 38.7 million up from the 38 million recorded as of the close of December.
The surge bucks a trend of slumps that commenced in March last year when the number stood at 38.4 million, before dropping to 38 million by June, which was followed by a mild increase to 38.1 million as of September of the same year.
“During the reference period, mobile money subscriptions grew to 38.7 million translating to a penetration rate of 75 percent. Although there was growth in subscriptions, the penetration rate dropped due to a review of the denominator on population following the release of the 2024 Economic Survey,” reads CA’s latest report.
“The growth in mobile money subscribers is attributed to the removal of withdrawal codes for transactions sent from M-Pesa to Airtel Money, which means that funds can now be transferred directly into the Airtel Money account (wallet).”
According to the 2024 Economic Survey published by the Kenya National Bureau of Statistics, the number of mobile money subscribers in the country dropped by 600,000 during the full year to last December.
The country’s second-largest telco eliminated the restrictive code in early February this year, allowing Airtel Money customers to receive money directly into their e-wallets from any network.
“This development effected on February 6, 2024, comes in response to the Central Bank of Kenya (CBK) and industry players’ collaborative efforts to ensure seamless mobile money interoperability as outlined in the CBK National Payments Strategy 2022-2025,” said Airtel at the time.
With the changes, users registered on rival platforms can send as little as Sh1 up to the highs of Sh250,000 per transaction daily to Airtel Money accounts.
The National Payments Strategy by the CBK requires all mobile money providers to ensure a seamless customer journey across their different channels to allow on-network and off-network direct transactions.
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Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
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