Kenya Mobile Money Market to Reach US$ 348.3 Billion by 2028, Fostered by Ease of Access

November 05, 2019

As per the latest report by IMARC Group, titled “Kenya Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the Kenya mobile money market reached a value of US$ 109.9 Billion in 2022. 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 Mobile money also ensures that the money can be deposited in one location and withdrawn in another.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$ 348.3 Billion by 2028, expanding at a CAGR of 20.1% during the forecast period (2023-2028).

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.


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Kenya Mobile Money Market to Reach US$ 348.3 Billion by 2028, Fostered by Ease of Access
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