• Money & Markets
Wednesday, November 29, 2023
  • Login
No Result
View All Result
NEWSLETTER
Money & Markets
18 °c
Nairobi
18 ° Fri
18 ° Sat
18 ° Sun
18 ° Mon
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
No Result
View All Result
Money & Markets
No Result
View All Result
Home BREAKING NEWS

Jumia’s White Paper shows mobile money transfer dominating trade

by Editor
June 12, 2020
in BREAKING NEWS, Editors Pick, Fintech, Headlines, Highlights
0 0
0
Jumia’s White Paper shows mobile money transfer dominating trade

Jumia Managing Director Sam Chapatte speaks when the firm released the Kenya Mobile White Paper 2019

0
SHARES
79
VIEWS
Share on FacebookShare on Twitter

 

By M&M Reporter

Mobile money transfer is set to become the biggest payment method in commercial transactions if a white paper released by Kenya’s ecommerce giant, Jumia, on March 11, 2019 is anything to go by.

In the Kenya Mobile White Paper 2019,  Jumia reveals that mobile payments was the most preferred payment method for shoppers on the e-commerce platform.

“In 2018, 70 per cent of all transactions made on Jumia were done through mobile money and rest 30 percent through other payment methods including cash on delivery and card payments,” says Jumia.

Coming just a day before Safaricom announced a service that will allow its subscribers to pay for goods purchased in China using M-PESA, the Jumia paper highlights the increasing role the mobile money transfers are playing in facilitating trade in Kenya.

Jumia points out that growth of mobile money is supported by increasing adoption of mobile payments by major sectors of the economy, such as financial services, retail and wholesale trade.

“Unlike when mobile money platforms were largely used for person to person cash transfers , they are now increasingly being used to initiate and cut business deals such as the purchase of goods and services as well as processing of instant short term loans, driven by more than 300 loan apps in Kenya alone,” says Jumia in the paper.

Another crucial insight in the paper is pricing of smart phones in the Kenyan market. Jumia says there has been a dramatic drop in the average price of a smart phone over the last three years a factor that has contributed to the high internet access in the country.

“The average amount spent to purchase a smart phone on the platform in 2014 stood at US$ 186 (Ksh18,600), which reduced to US$ 97 (Ksh9,700) in 2016 and US$86 (Ksh8,600)in 2018 respectively. The rise of affordable entry-level devices from brands continues to remain a key driver of smart phone adoption,” says the paper.

Latest data from Communications Authority of Kenya (CAK) shows that 43.3 million have access to the internet or 84 percent of the entire population.

 

Tags: Jumia
Editor

Editor

Next Post
Safaricom hands over 100 high school scholarship

Safaricom hands over 100 high school scholarship

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *




Latest Articles

  • Lobby wants sexuality education in Kenyan schools
  • Stanchart extends employees parental leave to six months
  • Equity Group earned Sh133 million daily from lending activity – report
  • Coop bank share price jumps 3.1 percent on impressive net profit growth
  • Scientists call for advancement of Bat conservation research in Africa
  • Cave Paintings to Cloud Computing: The Evolution of Data Storage
  • Groundbreaking Lung Cancer Initiatives to Transform Patient Care in Kenya
  • Did Gachagua push out KTDA Chairman?
  • KCB Group signs up to dedollarised African cross border payments system
  • KCB unveils Visa powered tap to pay service

TOP SEARCHES

acquisition AfDB Africa Airtel Banks brexit CBK Central Bank Central Bank of Kenya China COVID-19 dividends energy Equity Bank Equity Group Equity Group Holdings Finserve High Court ICT IFC Imperial Bank Insurance interest rates Jambojet Jumia KCB KDIC KenGen Kenya Kenya Airways KRA M-Pesa mKey MPesa NSE Patrick Njoroge profit profits Safaricom shareholders shares SMEs StarTimes Tanzania Uhuru Kenyatta




  • Money & Markets

© 2020

No Result
View All Result
  • Money & Markets

© 2020

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In