Mobile Money Deposited via Agents Grew by Over 44% in 2021, Reveals Latest Economic Survey by Kenya

P2P mobile money transactions rose by 30%

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Mobile subscriptions in Kenya increased by 6% to 65.1 million in 2021, however, at a slower rate compared to the 12.6% growth registered in 2020.

According to the 2022 Economics survey, released by the Kenya National Bureau of Statistics (KNBS), mobile money subscribers rose by 8.5% to 35.2 million over the same period.

In addition, phone numbers ported decreased by 24.8% over the same period from 1,437 to 1,081, partly attributed to hesitation by subscribers to move from one operator to another.

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SEE ALSO: Cash Still Accounts for 80% of Daily Transactions in Kenya, Says Latest 2022 FSD Report

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Mobile Number Portability (MNP) is a service that enables users to change or ‘port’ operators while retaining their numbers.

Over the same period, the value of digital commerce transactions grew by 63.2% from $80.8 billion to $131.7 billion in the same period. The number of total transactions recorded a 16% jump to 2.165 billion transactions.

The amount of money deposited through agents rose by 44% while the transfer from subscriber to subscriber rose by 30% to $36.1 billion.

In addition, the total amount of mobile money transfers grew by 31.7% to stand at $60 billion in 2021.

Mobile money transfer agents rose from 264, 390 to 292, 301 and phone money transfer service subscribers rose from 32 million to 35 million.

Here is a full breakdown of the stats:

  • Mobile subscriptions up by 6%
  • 65.1 million mobile subscriptions in Kenya
  • Phone number porting decreased by 24.8%
  • Mobile money subscriptions rose by 8.5%
  • 35.2 million mobile money subscriptions now in Kenya
  • Digital commerce transactions grew by 63.2%
  • Digital commerce transactions reached $131.7 billion
  • Mobile money deposited via agents rose by 44%
  • 4.7 trillion transactions sent via mobile money agents
  • P2P mobile money transactions rose by 30%
  • P2P mobile money volume reached $36.1 billion
  • Mobile money transfer grew by 31.7% in 2021 alone
  • Mobile money agents grow by 10% to 292, 301

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Read / Download the full report.

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RECOMMENDED READING: [WATCH] 1 in 12 Kenyans Already Own Cryptocurrency, Says Head of Venture Growth, Mercy Corps Ventures

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