Kenya’s Mobile Money Transactions Up 56% in 2021 YoY So Far

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The value of mobile money transactions in Kenya in the first 5 months of 2021 have been up 56% compared to the same period last year.  

In May 2021, mobile-based payments reached KES 537 billion ($4.9B), a huge increase from KES 357 billion ($3.3B) in May 2020.

Based on CBK data, Kenyans transacted an average of KES 18 billion on their mobile phones daily between January – May 2021, up from KES 12 billion in average daily transactions during the corresponding period in 2020.

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SEE ALSOThe Next Evolution of M-PESA – Safaricom Launches the MPESA For Business App and Platform with a Focus on SMEs

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The rise of E-Commerce is touted as an explanation behind the increase in the value of transactions.

In its latest 2021 annual report:

  • Kenya’s largest mobile money service provider, Safaricom, one-month active Lipa na M-PESA TILL numbers grew by almost 75% YoY to around 302,000 in the last financial year
  • The number of active mobile money agents in the country increased to 298,883 at the end of May 2021, from 243,118 a year ago
  • Safaricom’s MPESA agents in Kenya reached 247,900 at the end of the financial year on 31st March 2021, up from 173,235 a year earlier

In comparison, Kenya remains one of the leading markets for crypto transactions on peer-to-peer platforms such as Paxful and LocalBitcoins in Africa.

In June 2021 alone, $13.4 million worth of transactions across both Paxful and LocalBitcoins were attributed to users registered in Kenya.

In the last 6 months, Kenyans have done transactions worth $84 million, revealing the usage of cryptocurrencies has barely dropped despite the global plummet in crypto prices.

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RECOMMENDED READING: Mobile Money Account Holders in Uganda Will Now Start Earning Interest, Says Bank of Uganda

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