Kenya’s Mobile Money Payments Rise to $30 Billion in H1 2021 – a 52% Increase YoY

Kenya’s mobile money transactions jumped to $30.3 billion between January and June 2021, a 52% increase from $19.2 billion in the same period in 2020, according to data from the Central Bank of Kenya (CBK).

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Kenya’s mobile money transactions jumped to $30.3 billion between January and June 2021, a 52% increase from $19.2 billion in the same period in 2020, according to data from the Central Bank of Kenya (CBK).

Based on the CBK data, Kenyans on average transferred $165.3 million each day through their mobile phones in H1, 2021, thanks to the increased uptake of e-Commerce services and a shift from cash to mobile-based payments.

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

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The number of registered mobile money accounts increased by 6 million to 67.8 million accounts at the end of June 2021 from 61.7 million at the end of June 2020. Similarly, the volume of mobile money transactions increased to 175.8 million transactions in June 2021, from 143.1 million transactions in June 2020.

Due to the increased popularity of mobile money services, Kenya’s active mobile money agents increased to 301,457 agents in June 2021, the highest level on record, up from 237,637 agents in the same period a year ago.

Safaricom’s MPESA service is the most widely used mobile money platform in Kenya. The platform has over 28.31 million active customers based in Kenya and more than 247,000 agents spread across the country.

MPESA generated $759.3 million in revenue for the giant telecommunications company in the last financial year, and is now its leading revenue earner.

Here is a breakdown of the H1, 2021 stats:

  • 67.8 million mobile money accounts
  • 175.8 million transactions
  • 301, 457 mobile money agents
  • 28.31 million Safaricom customers
  • 247, 000 Safaricom mobile money agents
  • $165.3 million transferred each day

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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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