Mobile money usage in Kenya increased to 39.8 million subscriptions between April and June 2024, compared to 38.7 million recorded in the first quarter of 2024.
According to a new report by the Communications Authority of Kenya (CA), the growth highlights the continued growth and adoption of mobile financial services in the country.
Further, the report revealed that as of June 30, 2024, mobile money penetration stood at 77.3 percent, correlating with an uptick in mobile SIM subscriptions, which reached 68.9 million, translating to a 133.7 percent penetration rate.
The Authority has attributed the increase to improvements in telecommunications infrastructure and greater smartphone adoption across the country.
”This increase is directly proportional to the increase in mobile (SIM) subscriptions. However, the removal of withdrawal codes for transactions sent from M-PESA.”
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The removal of withdrawal codes for transactions sent from M-Pesa to Airtel Money, allowing for seamless transfers between the two services, was a significant contributor to the surge in mobile money usage.
This feature, introduced earlier in the year, has bolstered the adoption of mobile money services, particularly for users transferring funds between M-Pesa and Airtel Money wallets.
According to the report, M-Pesa remains the dominant player in Kenya’s mobile money market, commanding 96.5 percent of the market share.
The report also noted a rise in registered mobile money agents, which grew from 339,282 in the first quarter of 2024 to 347,699 by the end of June.
CA noted that this expansion of agent networks is crucial in ensuring the accessibility of mobile money services, particularly in rural and underserved areas.
