Around 60% of Kenyans use their mobile phones for financial and banking transactions, according to a survey by the Kenya Bankers Association (KBA).
The study, which was conducted in collaboration with Think Business, found that three out of every ten Kenyans go to banks, while 8% use the Automated Teller Machines (ATMs).
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KBA CEO, Habil Olaka, said with the growth of technology use in their economy, banks and financial institutions have seen the need to make a paradigm shift from the traditional models of operation in the banking and microfinance sectors.
"The uptake by customers of services that are fast, convenient, reliable and safe has influenced in a significant magnitude the services banks offer their clientele," Olaka added.
Among rural and urban areas in Kenya, rural people (71%) use mobile phones more than people in urban areas (51%), with Eastern Kenyans the highest and Coastal Kenyans the lowest.
The study also found that the main banking transactions were cash withdrawals (76%) and deposits (67%).
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By GlobalDataOlaka said, "The report indicates that while cost savings is a crucial consideration for mobile banking uptake, security, time saving and convenience are also considered vital."
