Services exports in Kenya have accounted for more than 50% of the increase in total exports since 2005 and are poised to overtake goods exports, says a new World Bank report.
Trade, transport, information and communications technology and financial services “lead the pack” of services, according to the bank’s ‘Kenya Country Economic Memorandum’ for 2016 (164-page / 8.01 MB PDF).
The report said an “expansion in modern services, such as financial intermediation and mobile communications... stimulated demand for traditional services such as trade”.
Kenya’s growth in mobile communications was due in part to “innovative solutions” such as the country’s M-Pesa mobile money network, the report said. “For example, there are more than 40,000 M-Pesa retail agents who also sell other products and services.” Read more. Source | Out-Law.com