In 2024, mobile money agents in Kenya facilitated transactions worth KES 8.7 trillion ($67.3 billion) highlighting the growing reliance on mobile money services in the country.
According to data from the Central Bank of Kenya (CBK), this figure represents a 9.4% increase from the KES 7.95 trillion ($61.5 billion) recorded in 2023, reflecting an additional KES 744 billion ($5.75 billion) in transactions. The total amount transacted equates to 53% of Kenya’s gross domestic product (GDP), which stood at KES 15.1 trillion ($116.7 billion).
Policy Changes Driving Growth
The surge in mobile money transactions coincided with regulatory changes, including the removal of withdrawal codes for money transfers between mobile networks. Previously, Airtel Money users were required to withdraw funds within a week of receipt, or the money would be reverted to the sender.
A review by the Communications Authority of Kenya (CA) in 2024 noted that this policy shift contributed significantly to transaction growth, stating:
“There was growth in mobile money following the removal of withdrawal codes for transactions sent from M-PESA to Airtel Money, making it possible to transfer funds directly between the two mobile wallets.”
Mobile Money and Financial Inclusion
The expansion of mobile money services has played a crucial role in enhancing financial inclusion in Kenya. A CBK-led survey conducted last year found that formal financial access has significantly improved, largely due to mobile technology.
Financial inclusion in Kenya reached 85% in 2024, a substantial rise from just 27% in 2006. This metric reflects how households access and utilize financial services to meet their financial needs and life priorities.
Total registered mobile money accounts in Kenya stood at 82.43 million by end of 2024, according to data from @CBKKenya pic.twitter.com/EvB8MVQ3Me
— BitKE (@BitcoinKE) March 14, 2025
Mobile money remains the most widely used financial platform in the country, with the 2024 FinAccess Household Survey revealing that 82.3% of Kenyan households rely on mobile money services for their financial transactions.
Growth in Mobile Money Agents
The CBK data further indicates that the number of active mobile money agents reached an all-time high of 383,624 in November 2024 before slightly declining to 381,116 in December 2024.
M-PESA continues to dominate Kenya’s mobile money market, commanding a 92.3% market share. This dominance has also made mobile money one of the key revenue drivers for Safaricom.
Kenyan 🇰🇪 Leading Mobile Money Service, M-PESA, Marks 18-Year Anniversary, Now Supporting Over One Million Businesses With Over 55,000 API Integrations
With a transaction capacity of 4,000 per second, the platform processes over 100 million transactions daily, making it… pic.twitter.com/FxEjSY7QyV
— BitKE (@BitcoinKE) March 12, 2025
As mobile money adoption continues to grow, its role in financial inclusion and economic transactions remains integral to Kenya’s digital economy.
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