Kenya Mobile Money Market to Reach US$ 641.3 Billion by 2032, Fostered by Ease of Access

November 05, 2019 | Retail

As per the latest report by IMARC Group, titled “Kenya Mobile Money Market Report by Technology (USSD, Mobile Wallets, and Others), Business Model (Mobile Led Model, Bank Led Model), Transaction Type (Peer to Peer, Bill Payments, Airtime Top-ups, and Others) 2024-2032,” the Kenya mobile money market reached a value of US$ 133.2 Billion in 2023. Sending and receiving money plays a vital role in the daily lives of the Kenyan population. As most of the individuals in the country do not have access to formal or semi-formal banking services, they rely on mobile money services, which are an affordable, effective and reliable means for paying bills, and depositing, withdrawing and transferring money. Mobile money also ensures that the money can be deposited in one location and withdrawn in another. In recent years, there has been a rise in the demand for mobile money in Kenya, owing to the increasing internet penetration and boosting sales of smartphones.

Kenya Mobile Money Market Trends:

Kenya currently represents the second-largest market for mobile money in Africa owing to the increasing utilization of mobile payment services, especially in the agriculture, health, retail and wholesale sectors. Apart from this, the launch of the M-Pesa, the premier mobile money application in Kenya offered by Safaricom, has assisted users in withdrawing funds using their smartphones without the requirement of a bank account. The registration and deposition on this platform are free, and the pricing of other transactions is also based on a tiered structure, which enables even the lowest-income users to utilize the system. Moreover, M-Akiba, an initiative undertaken by the Government of Kenya in 2017, is allowing M-PESA users in the country to purchase and sell specific government bonds using their smartphones. Besides this, various businesses and individuals are employing the mobile money platform as a primary account for financial transactions. Furthermore, the growing popularity and easy accessibility of mobile loans are also contributing to the market growth. Looking forward, the market value is projected to reach US$ 641.3 Billion by 2032, expanding at a CAGR of 18.5% during the forecast period (2024-2032).

Market Summary:

  • Based on the technology, the market has been segregated into unstructured supplementary service data (USSD), mobile wallets and others.
  • On the basis of the business model, the market has been bifurcated into the mobile and bank led models.
  • The market has been analyzed on the basis of the transaction type into peer to peer, bill payments, airtime top-ups and others.
  • The competitive landscape of the market has also been examined, with some of the key players being M-Pesa (Vodafone Group), Equitel Inc., MobiKash Afrika Limited and Airtel Money.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

Tel No:(D) +91 120 433 0800 |

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Kenya Mobile Money Market to Reach US$ 641.3 Billion by 2032, Fostered by Ease of Access
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More