In a recent report by the Communications Authority of Kenya (CA), a notable decline of 3.1 per cent in mobile money subscriptions has been disclosed.

This decline, according to CA's latest statistics, brings the total number of mobile money subscriptions down to 38 million as of December 23, 2023, marking a decrease of 0.6 million from the same period in 2022.

The Authority attributes this decline to the diminishing number of mobile (SIM) subscriptions, which has consequently led to fewer individuals accessing mobile money services such as M-Pesa and Airtel Money.

In their report, CA stated, "As of 30th December 2023, mobile money subscriptions dropped to stand at 38.0, translating to a penetration rate of 75.1 per cent," adding, "The decline is attributed to the drop in the number of mobile (SIM) subscriptions."

Further analysis reveals a 0.4 million drop in the total number of mobile subscriptions, a situation that CA links to high churn rates, especially in light of acquisitions within mobile networks such as Telkom Kenya Mobile, which experienced a 0.8 per cent decrease in mobile penetration rate.

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Despite this decline, Safaricom maintains its lead in mobile subscriptions, boasting 44.13 million subscribers.

Airtel follows with 19.39 million, Telkom with 1.34 million, Equitel with 1.5 million, and Jamii Telecommunication (JTL) with 498,068.

The decrease in mobile money subscriptions underscores a shifting landscape within Kenya's telecommunications sector.

As the industry continues to evolve, stakeholders may need to adapt their strategies to meet changing consumer preferences and market dynamics.