A new report shows betting was the second most occurring digital transaction in Kenya last year, second only to airtime purchases.
The report, “Kenya Vs. Nigeria, 2018 Year In Review,” conducted by Reach Technologies, analysed urban African consumers across two of the continent’s largest markets, Nigeria and Kenya.
It shows that while the median monthly salaries were roughly the same – KSh 30,000 (USD 294.58) in Kenya and NGN 98,950 (USD 272.90) in Nigeria – Kenya is slightly ahead of Nigeria in its adoption of cashless payments. Kenyans used less ATMs, while one in five urban Nigerian millennials still use ATM withdrawal.
In Kenya betting was the second most common transaction, with a typical transfer of just less than one dollar. Sportpesa was the most commonly used provider.
In Nigeria betting was only the tenth most common, although average transactions were higher at $2.75. MyBet9ja war the top provider.
In both countries purchasing airtime was the most common type of transfer. Safaricom and M-Pesa continue to dominate in Kenya, while GTBank has proven to be the bank of choice for millennials in Nigeria, outpacing all competitors in airtime, bank charges and P2P transfers.
In both markets consumers were spending more on video streaming services such as Netflix and other respective brands.
“With about $22 more in monthly income and higher instance of car ownership, young Kenyans may have a slightly better quality of life than their Nigerian counterparts,” the report summarised. “Young Nigerians carried out more taxi transactions (Uber and Taxify) than gasoline purchases at filling stations.”
Although across both markets, 70 percent of the buying power was controlled by men, leaving young African women “disproportionately locked out of meaningful economic opportunities.”