(Nairobi) – Mobile money transactions in Kenya reached KSh 6.5 trillion ($43.4 billion) in the first nine months of 2024, a 13.2% increase from last year, driven by policy changes improving interoperability and usability.
Mobile money transactions in Kenya grew to KSh 6.5 trillion ($43.4 billion) between January and September 2024, marking a 13.2% increase compared to KSh 5.8 trillion ($38.7 billion) over the same period in 2023. This growth follows a transactional policy review by Airtel Kenya in February that simplified mobile money transfers across networks.
Data from the Kenya National Bureau of Statistics (KNBS) shows this year’s growth reversed a 2.7% dip in mobile money transactions during the same period in 2023. The highest monthly transaction value in 2024 was recorded in February at KSh 790.8 billion ($5.28 billion), while the lowest was in September at KSh 670.52 billion ($4.48 billion).
| Month (2024) | Transaction Value (KSh) | Transaction Value (USD) |
|---|---|---|
| February | 790.8 billion | 5.28 billion |
| September | 670.52 billion | 4.48 billion |
Airtel Kenya’s removal of a restrictive code in February 2024 that required Airtel Money users to withdraw funds within a week of receipt was a pivotal change. The policy, implemented in collaboration with the Central Bank of Kenya’s (CBK) National Payments Strategy 2022-2025, enabled Airtel customers to transfer money directly into their e-wallets without restrictions, enhancing mobile money interoperability.
During the same period, the number of mobile money accounts increased by 3.4%, adding 2.6 million new users to reach a total of 79.4 million. Active mobile money agents also rose by 14.4% to 367,551.
The Communications Authority of Kenya (CA) acknowledged the impact of interoperability on mobile money adoption, particularly the removal of withdrawal codes for transactions sent between Safaricom’s M-Pesa and Airtel Money. M-Pesa remains Kenya’s leading mobile money platform with a market share of 93.4%, followed by Airtel Money at 6.6%.
| Metric | Value (2024) |
|---|---|
| Mobile Money Accounts | 79.4 million |
| Active Mobile Money Agents | 367,551 |
| M-Pesa Market Share | 93.4% |
| Airtel Money Market Share | 6.6% |
Kenya’s mobile money success is attributed to better network coverage, ease of transactions, and lower charges on mobile money transfers championed by CBK.