Mobile money transactions in Kenya have hit $5 billion in the first quarter of 2013, says data from the Central Bank of Kenya (CBK).

First quarter figures indicate a year-on-year increase of 0.76 billion. During the same period in 2012, the total number of mobile money transactions hit $4.24 billion, says the CBK.

Most transactions for the quarter were made in January, when transaction levels reached $1.69 billion, says the CBK.

Since then, though, a slide occurred as transaction levels hit $1.68 billion in February and $1.6 billion in March.

The decrease has occurred at the same time that Kenya’s biggest mobile operator Safaricom raised its M-Pesa charges in February, following a government plan to tax the service.

Over 17 million subscribers use M-Pesa in Kenya, according to Safaricom.