Mobile money transactions in Kenya reached Sh6.5 trillion between January and September 2024, a 13.2% increase from Sh5.8 trillion during the same period in 2023.
This growth was partly fueled by Airtel Kenya’s policy change in February, which removed restrictive withdrawal codes. The new policy allows users to retain funds in their e-wallets without needing to withdraw within a week, aligning with the Central Bank of Kenya’s (CBK) National Payments Strategy 2022-2025 to enhance mobile money interoperability.
Key Trends in Mobile Money
According to the Kenya National Bureau of Statistics (KNBS), this marked a sharp rebound from a 2.7% decline in the same period last year. February saw the highest transaction value at Sh790.8 billion, while September recorded the lowest at Sh670.52 billion.
The number of mobile money accounts rose by 3.4%, adding 2.6 million new subscriptions to hit 79.4 million. Active mobile money agents also increased by 14.4%, reaching 367,551.
Airtel’s improved interoperability boosted the adoption of its platform, although M-Pesa retained a commanding 93.4% market share as of June 2024, with Airtel Money holding 6.6%.
Mobile money continues to be a pillar of Kenya’s financial ecosystem, supported by regulatory initiatives to lower transaction costs and improve platform integration.
