Kenya’s mobile money ecosystem has recorded a new milestone with registered accounts hitting 80.82 million in October 2024, rising from 75.96 million a year earlier.
The increment has also reflected on the transaction volumes, rising to 2.076 billion and values reaching Sh7.24 trillion, marking a 12.1 percent growth.
In this new record, M-Pesa has yet again maintained it’s market dominance
with over 97 percent share. This hugely contributes to Safaricom’s revenue with Sh77.22 billion in the half-year ending September 2024, driven by a 13.1
percent increase in average revenue per user to Sh389.27.
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The growth reflects increased digital payment adoption, with transaction volumes hitting 2.076 billion and peak monthly transfers of Sh790.8 billion in February 2024. M-Pesa’s performance shows strengthening user engagement, with chargeable transactions per active customer rising to 37.37 from 29.87, while its merchant network expanded through Pochi la Biashara, reaching 869,020 tills.
Recent regulatory changes, including removal of inter-platform transfer restrictions between M-Pesa and Airtel Money, aim to further boost mobile money adoption.