Trends in electronic money transfer in Kenya

Abstract

The paper looks at trends in Electronic money transfer in Kenya, based on literature survey of prior research done in this area. The Central Bank of Kenya was a key source of data because of its significance in financial transactions and regulations. Others were financial institutions, banks, Posta corporations, and telecommunication companies. Websites of particular organization such as Safaricom and Posta were visited to collect data. Information on mobile trend in USA, Europe and India was reviewed. The information so gathered was analyzed for trends. The authors infer that since 1990’s there has been an increased use of electronics money transfer in Kenya. The clearing house has been automated; the Central bank of Kenya has enforced a rule that requires banks to transfer funds over one million Kenya shilling via electronics means. All banks have automated telly machines, while telecommunication companies are involved mobile money transfer. This has resulted in a trend mobile money transfer is increasing been used.