NAIROBI, Feb. 3 (Xinhua) -- Kenyans transacted 6.59 trillion shillings (51 billion U.S. dollars) on mobile money in 2024, recording a 17-percent decline from 61.5 billion dollars in the previous year, the Central Bank of Kenya (CBK) said Monday, underlining the economic hardships citizens are facing in the East African nation.

This is the second year in a row that the country's mobile money transactions are falling, according to the apex bank. In 2023, the East African nation's citizens moved 61.5 billion dollars, down from 61.8 billion dollars transacted in 2022. This was the first fall in transactions in 17 years.

In 2024, citizens moved the highest amount of money -- 6.1 billion dollars -- in February, and the least 5.1 billion dollars in September, said the bank.

Kenyans struggled with rising prices of basic goods and services in 2024 as well as shrinking incomes amid increased government taxation that cut consumers' spending power. Inflation, however, has declined to 3.3 percent in January 2025, which is within the CBK's target of 5 percent.

The number of people employed as mobile money agents stood at 381,116, an increase from 322,000 at the end of December 2023 as subscriptions closed the year at 82 million, according to the apex bank. Enditem

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