Growth in plastic card payments slows down as Kenyans opt for mobile money

Plastic card payments in the first four months of the year rose only marginally relative to the same period last year, but remained well below the high achieved in the same period in 2013. The amount settled through the cards was just 0.7 per cent higher at Sh427.6 billion in the period compared to Sh424.8 billion in the same period last year, data from the Central Bank of Kenya (CBK) shows.

Analysts attribute the fall in the value of card payments to the increased popularity of mobile money platforms such as Safaricom’s  M-Pesa, and Airtel Money.