Kenya's mobile money subscribers realised a remarkable 2.76 per cent growth equivalent to 1.1 million subscribers, to reach a total of 39.8 million in the six months enging June 2024.

The Communications Authority of Kenya (CA) in a recent report attributed this exponential increase to a confluence of factors, including advancements in telecommunications infrastructure, widespread adoption of smartphones, and the recent introduction of a seamless transfer feature between M-Pesa and Airtel Money wallets.

”This increase is directly proportional to the increase in mobile (SIM) subscriptions. However, the removal of withdrawal codes for transactions sent from M-Pesa,”  the report partly read.

M-Pesa, the undisputed leader in Kenya's mobile money market, has solidified its dominance with a commanding 96.5 percent market share.

The expansion of the mobile money agent network, from 339,282 to 347,699, has also played a pivotal role in making these services more accessible to the population, particularly in rural and underserved areas.

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Kenya's significant growth in mobile money usage is further bolstered by government initiatives aimed at enhancing financial inclusion.

In 2023, the mobile money market was valued at $133.2 million (Sh17.24 billion), with M-Pesa maintaining its stronghold as the dominant player in this thriving sector.