Trends of mobile money subscriptions and penetration in Kenya

Mobile money subscriptions in the country stood at 39.8 million as at June 30, 2024, translating to a penetration rate of 77.3 per cent.

A report by the Communications Authority (CA) says the increase is directly proportional to the increase in mobile (SIM) subscriptions.

According to the report, the removal of withdrawal codes for transactions sent from M-pesa to Airtel Money enabling funds to be transferred directly into the Airtel Money account (wallet) could have enhanced the uptake of mobile money services.

The data shows that as of June 2023, the subscriptions stood at 38 million.

There was an increase to 38.1 million in September 2023 while the subscriptions stood at 38 million in December 2023 and 38.7 million as of March 2024.