The Kenya mobile money industry reached a transaction value of nearly US$ 40 Billion in 2018. Mobile money is an innovative payment service that is operated under financial regulations and performed using a mobile device, offering simple person-to-person money transfer rather than complex banking transactions. It is an easy, secure, fast and affordable way of making payment.
Kenya is the second largest market for mobile money in Africa. Increasing adoption of mobile payment by major economic sectors in Kenya such as agriculture, health, retail and wholesale has supported the growth of mobile money industry in the country. Moreover, M-Pesa had launched mobile money services which included financial transactions such as deposit and withdrawal of money, transfer money, pay bills, etc. This initiative by M-Pesa has further boosted the mobile financial services market in Kenya. The popularity of mobile money is currently increasing among businesses in the country. It is largely being used for peer to peer transfer, cash transfer and purchasing goods and services. A large number of businesses and persons are using mobile money platform as a primary account for financial transactions. Various other factors driving the mobile money market in Kenya are increasing use of smart phones, rising internet penetration, lack of access to formal banking and increasing financial inclusion. Catalyzed by these factors, IMARC Group expects the market to reach a transaction value of around US$ 174 Billion by 2024, growing at a CAGR of around 27% during 2019-2024.
Market Breakup by Technology
Currently, USSD holds majority of the market share in the Kenya mobile money market.
Market Breakup by Business Model
Currently, mobile led model holds the largest share in the Kenya mobile money market.
Market Breakup by Transaction Type
Currently, peer to peer transaction type holds the highest share in the market.
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
Key Questions Answered in This Report:
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