Kenya’s mobile money transactions dropped for the second consecutive year in 2024, with Kenyans moving Sh6.59 trillion, marking a 17 per cent decline from $61.5 billion transacted in 2023, the Central Bank of Kenya (CBK) said on Monday.

The CBK’s data shows a continued slowdown in mobile money activity, which first dipped in 2023, when transactions fell from $61.8 billion in 2022 to $61.5 billion, breaking a 17-year growth streak.

Kenyans moved the highest amount of mobile money—$6.1 billion—in February 2024, while September recorded the lowest at $5.1 billion, according to the regulator.

The decline in transactions highlights the financial strain many citizens endured throughout 2024, grappling with soaring prices of essentials and a reduced disposable income due to higher taxes.

While inflation has since eased to 3.3 per cent in January 2025, within CBK’s 5 per cent target, consumer spending remained subdued.

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Despite the dip in transaction volumes, the number of mobile money agents increased to 381,116 from 322,000 in December 2023, while subscriptions rose to 82 million, signalling sustained demand for mobile financial services.