Skip to main content

Kenya : Kenyans transact Sh100b daily through Central Bank’s RTGS - The Standard

xxx

Mr Stephen Mwaura, CBK’s Assistant Director National Payments System informed a plenary at the exhibition that up to Sh100 billion is transacted daily through Real Time Gross Settlement (RTGS)-the continuous (real-time) settlement of funds individually on order basis.

The amount transacted through RTGS far outstrips about Sh15 billion that is transacted daily on the M-Pesa platform.

From Kenya : Kenyans transact Sh100b daily through Central Bank’s RTGS - The Standard

This is an astonishing statistic. The retail payment network run by the telco carries 15% of the value of the central bank’s RTGS! When you consider the average transaction sizes (the RTGS carries interbank payments, remember) this means that a very high proportion of the economic activity in the Kenyan economy is going through mobile phones.

Comments

Post a Comment

Popular posts from this blog

We could fix mobile security, you know. We don't, but we could

Earlier in the week I blogged about mobile banking security , and I said that in design terms it is best to assume that the internet is in the hands of your enemies. In case you think I was exaggerating… The thieves also provided “free” wireless connections in public places to secretly mine users’ personal information. From Gone in minutes: Chinese cybertheft gangs mine smartphones for bank card data | South China Morning Post Personally, I always use an SSL VPN when connected by wifi (even at home!) but I doubt that most people would ever go to this trouble or take the time to configure a VPN and such like. Anyway, the point is that the internet isn’t secure. And actually SMS isn’t much better, which is why it shouldn’t really be used for securing anything as important as home banking. The report also described how gangs stole mobile security codes – which banks automatically send to card holders’ registered mobile phones to verify online transactions – by using either a Trojan...
Post a Comment
Read more