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Mobile money now at 70% of Kenya’s GDP–report

September 8, 2023 | Digital article
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By Susana Garcia Hiernaux

Mobile Money plays a pivotal role in Kenya’s economy, accounting for almost 70 percent of the country’s GDP. Following the surge of the last two years, as Kenyans move towards a more digitally enabled financial environment, GVG’s recently published whitepaper Data-Driven Transparency and Compliance in the Digital Financial Ecosystem in Africa delves into how mobile money and remittances will continue being at the forefront of Africa’s economic development with the appropriate regulatory framework.

In this sense, GVG’s Chief Delivery Officer Edouard Docteur, notes that the whitepaper “highlights the importance of how governments in Africa must invest in regulatory frameworks and leverage technology to ensure compliance, streamline taxation processes, protect end-users data, improve Know-Your-Customer (KYC) procedures, and mitigate risks associated with money laundering, financial terrorism, and scams”.

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