Mobile banking usage increased to over 34% in 2021, Central Bank of Kenya says

The covid 19 pandemic increased the use of mobile banking services in Kenya from 25.3% in 2019 to 34.4% in 2021.

This is indicated by a survey report by the Central Bank of Kenya (CBK) in collaboration with the Kenya National Bureau of Statistics (KNBS) and the Financial Sector Deepening Trust (FSD) Kenya.

The report also highlighted the decline in the use of physical banking services – with only people over the age of 55 seeing increased use of physical banking services.

According to the report, those who used physical bank branches fell from 29.6% in 2019 to 23.8% in 2021.

Overall use of traditional bank accounts increased from 29.6% in 2019 to 23.8% in 2021.

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SEE ALSO: Kenyan Fintech Law Comes Into Force – Regulation expected in March 2022 by the Central Bank of Kenya

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On the other hand, it was found that mobile banking services increased access to banking services to 44.1% in 2021 from 40.8% in 2019.

According to the report, mobile banking apps were the primary channels used to access and use banking services in 2021 across all demographics analyzed.

The survey results also show that 72.4% of mobile banking users and 48.4% of mobile money users experienced episodes of inability to transact at some point due to weather. system downtime and supplier failures in the 12 months preceding the investigation.

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RECOMMENDED READING: [WATCH] The evolution of mobile banking in Kenya

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