Payment News

Airtel Drives Growth in Mobile Money in Kenya

Mobile money transactions in Kenya surged to KSh6.5 trillion in the first nine months of 2024, reflecting a 13.2% growth compared to KSh5.8 trillion during the same period last year.

This growth was largely driven by Airtel Kenya’s policy revision in February, which allowed users to receive funds directly into their e-wallets without being compelled to withdraw them within a week or risk having the funds returned to the sender.

The number of mobile money accounts increased by 3.4%, adding 2.6 million new subscriptions to reach a total of 79.4 million, and the number of active mobile money agents also grew significantly, rising 14.4% to 367,551 agents.

M-Pesa continues to have a 93.4% market share as of June 2024, while Airtel Money has 6.6%.