WALLETS IN THE EAST AFRICAN NATION ARE SUFFERING THE FATE
OF WRIST WATCHES, WHICH HAVE BEEN ABANDONED BECAUSE
PEOPLE DEPEND ON THEIR MOBILE PHONES FOR TIME KEEPING.
OF WRIST WATCHES, WHICH HAVE BEEN ABANDONED BECAUSE
PEOPLE DEPEND ON THEIR MOBILE PHONES FOR TIME KEEPING.
Nairobi businessman
George Agode runs a tents, video and photography business in which he
has specialized in offering services at weddings.
Each
weekend, Agode, who has four employees, covers at least two weddings,
which means he has to hire more staff, especially for his tent business.
“I
hire at least six workers every Saturday. Two of them handle
photography and video coverage while the rest help in erecting tents.
Sometimes we handle the same function, but other times the tents are
hired at a different wedding,” he said in an interview to Xinhua
recently.
Agode
has been in the business for close to five years and at the end of each
day when his employees, particularly the casuals, finish work, he
ensures he pays them.
However, he does not pay them in cash but through the mobile phone.
“They
give me their mobile phone numbers before we begin work and when a
wedding is over, I pay them through mobile money. I ensure that one must
have a mobile money account for ease of payment,” recounted Agode, who
pays the employees between 11.7 U. S. dollars and 29 dollars.
The
practice he has engaged in for over two years has seen him do away with
his wallet, which has been part of the 39-year-old for over two
decades.
Agode
is among businesspersons and Kenyans in the East African nation who
have embraced mobile money, which in turn has seen them dispose or
sparingly use their wallets.
Kenyans
used the wallet, usually made of leather to carry cash, ATM, debit and
credit cards, among other items, that can fit in the small case, which
men safely put in their back trouser pockets and women in their hand
bags.
But
now, widespread use of mobile money is gradually challenging and
replacing wallets, which for years millions of Kenyans have used to
carry cash.
“I
do not remember when is the last time I walked around with a wallet
with let’s say 117 dollars in it. But I carry double that amount of
money in my mobile phone almost every day,” narrated Agode.
The businessman said he replaced his wallet with a small document case where he puts his identity card and ATM card.
“I
also put in it small amount of cash, at most 23 dollars, which I use
when I go to places where traders do not accept mobile payments or when I
want to buy things like bottled water,” he said, adding that he carries
the case in his jacket and not back trouser pocket as it used to happen
with the wallet.
Agode noted that in Kenya , mobile money is making wallets become redundant as people seek safer and easy ways to carry cash.
“With
widespread use of mobile money, carrying huge amounts of cash in your
wallet is no longer fashionable. I can carry over 600 dollars in my
mobile phone account but I cannot walk around with such an amount of
money without people noticing,” he said.
The
businessperson observed that many people in the East African nation are
finding mobile money convenient method of carrying cash because of
security reasons.
“In Nairobi ,
walking around with a wallet full of money at some places puts you at
risk of being mugged and losing your cash. But when the money is in a
mobile phone, yes you can be mugged but you will not lose your cash
because it is secure,” he said.
Sandra
Njiru, an administrative assistant at a motor company in the capital,
noted that while she had not done away with her wallet, she no longer
uses it to carry cash.
“The
wallet has several of my documents that include credit, voter and
identity card, but rarely do I put in cash there. I do not believe it is
necessary to do so since I have my debit card and mobile money account,
where I put my money,” she said.
Soon, Njiru observed she may do away with her wallet if she finds an alternative way of carrying her cards.
“I
only need to find a nice bag with good compartments and the wallet will
be gone. But I am still holding on to the wallet because it has been
part of me for several years. Besides that, my mother bought it for me
as a present after I finished high school, “ she said.
Wallets
in the East African nation are suffering the fate of wrist watches,
which have been abandoned because people depend on their mobile phones
for time keeping.
“Definitely,
wallets are on the road to extinction, just like watches. Mobile phones
are taking over their roles. It is just a matter of time before
majority of people here fully embrace the mobile phone wallet and they
will be gone,” said Agode.
Central
Bank latest data indicates that as at August, there were 19.3 million
mobile phone subscribers in Kenya . The subscribers make close to 50
million transactions each month worth about 1.53 billion dollars.
However,
as people do away with wallets, Agode and Njiru noted that carrying
money in mobile phone needs a lot of planning since not all businesses
have embraced mobile payments.
“This
means that I have to withdraw some cash from my mobile money account so
that I can use at places, which I cannot make transactions through
mobile phone. It is inconveniencing, but I believe this will end soon as
people extensively adopt mobile money transactions,” said Njiru.
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