Mobile money subscriptions rebound in Kenya to 38.7m

STARTUP VENTURE CAPITALJune 26, 2024 at 1:53 PM UTC

TLDR

Mobile money platform subscribers in Kenya rebounded, with 700,000 new subscribers joining the ecosystem in the first quarter of this year.
The recovery was triggered by the removal of a code that required Airtel Money customers to withdraw cash within seven days.
Total subscribers increased to 38.7 million from 38 million in December, reversing a declining trend observed since March last year.

The number of subscribers on mobile money platforms has rebounded, according to a new report by the Communications Authority of Kenya (CA).

The report attributes this recovery to the removal of a code that required Airtel Money customers to withdraw cash within seven days of receipt or risk having the amounts reverted to senders.

The latest sector statistics published by the regulator indicate that 700,000 new subscribers joined the mobile money ecosystem in the three months leading up to March this year, bringing the total number of subscribers to 38.7 million, up from 38 million at the end of December.

Key Takeaways

This surge reverses a downward trend that began in March of last year when the number of subscribers stood at 38.4 million. The figure dropped to 38 million by June, followed by a slight increase to 38.1 million by September of the same year. In recent years, Kenya has experienced significant growth in mobile money uptake, largely supported by the government’s efforts to drive financial inclusion. In 2023, the country’s mobile money market grossed $133.2 million, with M-Pesa leading the industry with a dominant 96.5% market share.

Mobile Money

Kenya

M-Pesa

Fintech

Airtel Money

Mobile Economy