The total retail payments value in Q2-23 was K202.9 billion, a 37% increase from the same quarter last year. According to the statement issued by Munyumba Mutwale, Economist and Investment Analyst / Advisor, states that this growth was mainly driven by the 41% increase in mobile money value, which was the first acceleration since Q4-21.
The statement shows that Mobile money became the first payment system to register K100 Billion worth of payments in one quarter, just 2 years after becoming the first payment system to pass the K100 Billion mark in a full year in 2020. Year to date, mobile money has seen a 46% increase in volumes and a 32% increase in value and is set to close 2023 with slightly under K400 billion in value and north of 2 Billion in volume.
POS payments, though they saw the first decline in value and volumes since March 2021, are still dominating cardholder activities, making up 66% of volumes and 67% of value in Q2-2023.
According to the statement issued, the payments landscape in Q2-23 was characterized by strong growth in mobile money, which is continuing to cement its dominance in the market.