As of 30th June 2024, mobile money subscriptions stood at 39.8 million, translating to a penetration rate of 77.3 per cent, according to a recent survey by the Communication Authority of Kenya.
This increase is directly proportional to the increase in mobile (SIM) subscriptions. However, the removal of withdrawal codes for transactions sent from MPesa to Airtel Money enabling funds to be transferred directly into the Airtel Money account (wallet) could have enhanced the uptake for mobile money services.
The telecommunications sub-sector in the country experienced significant growth during the
2023/24 Financial Year attributed to the expansion of telecom infrastructure and increased adoption
of smartphone services.