Kenya’s micro and small enterprises (MSMEs) prefer to keep their money in mobile wallets and chamas instead of banks and saccos in a new savings trend that is expected to adversely impact the volume of bank and Sacco deposits, new survey shows.
The findings of a MSMEs Tracker Survey by Central Bank revealed that more than 51 percent (51.5 percent) of the businesses save in mobile money wallets such as MPesa, Airtel Money and T-Kash while 42.7 percent save in chamas or groups.
